The Deckers Brands Board of Directors has approved a six-for-one forward stock split and a proportionate increase in the number of authorized shares of common stock and preferred stock to accommodate the split.
The parent company of Hoka, Ugg, Teva, Sanuk, Koolaburra, and Ahnu reported that the stock split and the authorized share increase are subject to stockholder approval of an amendment to the company’s Certificate of Incorporation and the filing of the amendment with The Secretary of State of the State of Delaware.
Deckers Brands intends to include a proposal seeking stockholder approval for this amendment at its upcoming annual meeting of stockholders on September 9, 2024. If they approve the proposal, the company expects to file the charter amendment and to implement the stock split and the authorized share increase promptly following the 2024 annual meeting.
“The trading price of our common stock has risen significantly over the past several years as a result of our strong financial performance and the execution of our strategic plan. We believe effecting the forward stock split will make the shares of our common stock more affordable and attractive to a broader group of potential investors, including our employees, and increase the liquidity of the trading of the shares of our common stock,” said Dave Powers, president and CEO.
Following stockholder approval and the filing and effectiveness of the charter amendment, every share of common stock outstanding on September 6, 2024, the record date for the stock split, would be split into six shares of common stock, and every share of preferred stock would be split into six shares of preferred stock. There are currently no shares of preferred stock outstanding. The company would distribute the additional shares after market close on September 16, 2024.
Subject to final approval by the New York Stock Exchange, trading is expected to begin on a post-stock split-adjusted basis at market open on September 17, 2024.
Image courtesy Deckers Brands
