Tesla (NASDAQ:TSLA) has filed for a 3-for-1 stock split as part of its SEC filings for an upcoming annual meeting.
It's also added that Larry Ellison won't stand for re-election to the board, and the company will therefore reduce the board's composition to seven seats. Ellison and the board made that determination together in June, the company says.
In its preliminary proxy filing setting the annual meeting for Aug. 4, Tesla includes among its proposals one to increase the number of authorized shares of common stock by 4 billion.
That's primarily to enable a 3-for-1 split via a stock dividend, Tesla says. It currently has 2 billion shares authorized. "Our Board intends to approve the Stock Split, subject to and contingent upon stockholder approval of the Authorized Shares Amendment."
Aside from those more prominent moves, Tesla (TSLA) is also looking to elect two Class III directors for three-year terms - Ira Ehrenpreis and Kathleen Wilson-Thompson - and to reduce director terms in general to two years, which would apply to Ehrenpreis and Wilson-Thompson if adopted.
The company is also looking to eliminate supermajority voting requirements and ratify its auditor.
The board is urging votes against eight shareholder proposals, linked to topics including proxy access, anti-harassment/discrimination efforts, diversity reports, employee arbitration reports, lobbying, collective bargaining policy, and reporting on child labor and water risk.
Tesla stock is up 2.1% after hours.