Tesla Inc. gained in early trading March 28 after the carmaker said it plans to seek shareholder approval for a move that would enable its second stock split in roughly two years.
The company said in a tweet that it will ask shareholders at this year’s annual meeting to authorize additional stock. In a follow-up regulatory filing, Tesla said increasing its amount of common shares will enable a split in the form of a stock dividend.
Tesla surged in early trading in New York, erasing earlier declines after Chief Executive Officer Elon Musk announced he again has COVID-19. Bloomberg News also reported earlier that the company was extending the temporary shutdown of its car plant in Shanghai due to the surge in cases in the city.
