Corrected 2:20 p.m. Pacific time: Our explanation of stock splits was wrong. We have corrected it.
Google’s stock split, which was first floated to investors almost two years ago, has finally got a date.
Google chief financial officer Patrick Pichette stated in today’s earnings call that the Google board “has finally approved” the split. The issuance date is set for April 2, with public trading beginning on April 3.
The Class C stock will trade under the original Google ticker symbol, GOOG, while the Class A shares will trade under GOOGL. Class C stock will be nonvoting.
A shareholder lawsuit held up the split, among other things.
Google made its initial public offering in 2004 at $85 per share, peaking at $714.87 on December 7, 2007. During 2007, the Google executive team had to consistently douse rumors of a stock split.
This past year, the stock price topped $900 per share in May and climbed to a dizzying $1,000 just five months later.
Currently, it’s trading at $1,135.
In a two-for-one split, each share is typically divided into two shares worth half the amount of the original share. In other words, Google shares will see a dip down to half their current amount, or roughly $565 per share. But the value of the company — as well as any stock held by investors — will remain unchanged.
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