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3/10, 10:04 AM (Source: TeleTrader)
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Amazon up 7% premarket after announcing stock split

Amazon.com Inc.'s shares grew 7% in premarket on Thursday after the company announced a 20-for-1 split following yesterday's closing bell at the United States markets. The move now awaits stockholder approval, which could be confirmed at the 2022 Annual Meeting of Shareholders on May 25.

Each Amazon stock owner "at the close of business" on May 27 will get 19 more shares for every single share held "on or about" June 3, while "trading is expected to begin on a split-adjusted basis on June 6, 2022," the e-commerce giant specified in a Securities and Exchange Commission (SEC) filing. The company also revealed that it will also buy back up to $10 billion of its common stock.

Amazon's stock was up 6.95% at 4:13 am ET, going for $2,979.20.

Baha Breaking News (BBN) / MS