Highlights
- Shareholders of Shopify (TSX: SHOP) have voted in favor of protecting CEO Tobias Lutke's 40% voting stake, a source told Reuters.
- The company in May reported its slowest quarterly revenue growth since going public in 2015.
- Shopify will carry out a 10-for-one split of its class A and class B shares after investors voted for it, the person familiar with the matter said.
Shareholders of Shopify Inc (TSX: SHOP) on Tuesday voted in favor of protecting Chief Executive Officer Tobias Lutke's 40% voting stake, a source told Reuters, citing preliminary results from the e-commerce firm's annual shareholder meeting.
The company, which in May reported its slowest quarterly revenue growth since going public in 2015, will also carry out a 10-for-one split of the company's class A and class B shares after investors voted for it, the person familiar with the matter said.
Shopify announced the stock split in April, joining a growing list of companies that have split their shares to make them more attractive for investors.
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Other stock split announcements this year came from e-commerce giant Amazon.com Inc, Google-parent Alphabet Inc and Apple Inc. Tesla Inc also had said it would seek shareholder approval for a stock split.
US-listed shares of Shopify were up 4.7% at $377.5.
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