Apple increases issued shares for 7-for-1 stock split in official SEC amendmentIn a brief filing with the U.S. Securities and Exchange Commission on Friday, Apple officially announced an amendment to its Articles of Incorporation to reflect a 7-for-1 stock split that brings total allowed issuance to 12.6 billion shares.
Source: U.S. SEC
Apple notes in the SEC filing that it increased the number of shares authorized for issuance from 1.8 billion to 12.6 billion to account for the split. Currently, Apple has 8.61 million shares outstanding, which will jump to over 6 billion on Monday.
As part of the split, which is intended to open AAPL up to a larger number of investors, shareholders of record as of June 2 will automatically see each owned share split into seven shares of common stock.
Apple first announced its intentions to split in April as part of the company's quarterly conference call for the second quarter of 2014. In addition to the split, Apple's board of directors authorized a $30 billion increase to its stock buyback plan bringing the total allowance to $90 billion.
"We are announcing a significant increase to our capital return program," Apple CEO Tim Cook said at the time. "We're confident in Apple's future and see tremendous value in Apple's stock, so we're continuing to allocate the majority of our program to share repurchases."
As noted by AppleInsider on Thursday, the split-adjusted pricing will begin when trading starts on Monday. Considering a price of $645.57 at the closing bell on Friday, post-split shares will be valued at around $92 each, the first time AAPL has been available below $100 in almost seven years.