Fortinet plans previously disclosed stock split to be implemented in 2 weeks

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Fortinet Inc. FTNT, -5.00% said Thursday that it plans to implement the previously disclosed five-for-one stock split on June 22. The split is contingent on shareholders approving at the June 17 annual meeting a proposal to increase the number of shares outstanding so the split could take effect. The plans for the stock split were first disclosed in an 8-K filing with the Securities and Exchange Commission after the April 22 close. If the stock split takes effect, it would be the first since a 2-for-1 split in June 2011, and the second since the cybersecurity company went public in November 2009. Based on Wednesday’s stock closing price of $300.53, a split would reduce the price to $60.11. The stock, which rallied 1.2% in premarket trading, has lost 1.2% since April 22 through Wednesday, while the S&P 500 SPX, -2.91% has lost 3.7% over the same time.

This article was originally published by Marketwatch.com. Read the original article here.

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