The Hormel stock split has been approved by the company’s Board of Directors and now only needs shareholder approval. The matter will be voted on during HRL’s annual meeting, which will take place on Jan. 26, 2016.
The Hormel stock split would increase its number of common shares from 800 million to 1.6 billion. Shareholders on record as of Jan. 26, 2016 will be eligible for the stock split. The company is expecting to award an additional share of its stock to investors for each share they hold around Feb. 9, 2016.
This will mark the second time in five years that Hormel has split its stock. It will also be the 10th stock split in the company’s 124 years of operation.
HRL shares were up 2% as of Noon Wednesday.
More From InvestorPlace: