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SAN DIEGO - Genetic analysis company Illumina Inc. said Tuesday its board approved a two-for-one stock split on the company's common shares, but shareholders will have to vote on the measure.
| ILMN | 19.83 |  -1.2 |
The stock split will be distributed in the form of a dividend. If approved by shareholders, the company expects that each shareholder of record on Sept. 10 will receive on addition share for every share already held on Sept. 22.
The company said the split is subject to approval of a proposed amendment to increase the number of authorized shares to 500 million from 120 million. A vote is tentatively scheduled on Sept. 9 for shareholders of record as of July 28.
Illumina shares jumped $3.50, or 4.2 percent, to $87.60 in after-hours trading. The stock rose 6 cents to close at $84.10 during the regular trading session.
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