Shopify announces 10-for-1 stock split, proposes founder share for CEO
(Reuters) -Canadian e-commerce giant Shopify Inc on Monday announced a 10-for-1 split of its class A and class B stock, joining a growing list of companies that have split their shares to make them more attractive for investors. Shopify would also seek shareholder approval to authorize and issue a new class of shares, called the Founder share, to Tobi Lutke, its chief executive officer and founder. The proposal seeks to preserve the voting power of Lutke, as the Founder share will provide him with a variable number of votes and that combined with his previously owned shares from other classes would represent 40% of the total voting power attached to all of Shopify’s outstanding shares.
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