Salesforce.com just filed a preliminary proxy statement with the U.S. Securities and Exchange Commission that includes a proposal to seek shareholder approval for an increase in the number of authorized shares of the company. If approved, the measure would have the effect of splitting Salesforce shares on a four-for-one basis.
Salesforce shares have been on a tear of late and touched a 52-week high of $175.74 today, closing at $173.86, up more than 47 percent from where they were trading a year ago. The proposal would boost the number of shares from 405 million now to 1.6 billion. It would also push the number of shares owned by CEO Marc Benioff, the company’s largest non-institutional shareholder, to north of 40 million shares from about 10.2 million shares now.
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