SpaceX notified investors that it is executing a 5-for-1 stock split, a move that will reduce the price investors will pay for each share offered in its impending initial public offering.
Shareholders were notified in an email that the current fair market value per share has been adjusted to about $105.32 from $526.59 as a result of the split, according to people familiar with the matter.
The stock split will be processed the week of May 18 and is expected to be completed by May 22, said the people, who asked not to be identified because the information isn’t public.
Representatives for SpaceX didn’t immediately respond to an emailed request for comment.
SpaceX is seeking to file publicly for its long-awaited IPO as soon as Wednesday, Bloomberg reported earlier Friday. The stock is expected to be highly sought after by retail investors, a constituency Chief Executive Officer Elon Musk has long courted via Tesla Inc. The electric-car maker split its shares in August 2022 and two years earlier.
Musk’s rocket, satellite and artificial intelligence company aims to kick off formal marketing for the stock sale as soon as June 4, price its initial public offering as early as June 11 and list on June 12, Bloomberg reported earlier.
SpaceX has filed confidentially to go public and is seeking to raise as much as $75 billion at a valuation of more than $2 trillion, which would be the largest IPO of all time. Details of the IPO, including the size and timing could still change.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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