According to a brief filing with the U.S. Securities and Exchange Commission (SEC) on Friday, Apple Inc. (NASDAQ:AAPL) has announced an amendment to its Articles of Incorporation to reflect a 7-for-1 stock split to bring a total issuance to 12.6 billion shares.
In the SEC filing, Apple increased the number of shares of common stock from 1.8 billion to 12.6 billion to account for the split.
Apple is intending to open up to a larger number of investors. Shareholders of record as of June 2nd will automatically see each owned share split into seven shares of common stock.
Apple announced that it is intended to split its stock back in April. Apple’s board of directors also authorized a $30 billion increase to its stock buyback, which brings the total allowance to $90 billion. The split-adjusted pricing will will start on Monday.
Since Apple’s closing price on Friday was $645.57, the post-split shares will be valued at around $92 each.