CARROLLTON, Texas-CellStar Corp.’s board of directors approved a three-for-two common stock split, to be paid in the form of a stock dividend.
Stockholders will receive an additional share for each two shares held. The stock dividend will be distributed on June 17 to stockholders of record June 2, the company said.
The split will increase the company’s total shares outstanding from approximately 19.3 million to 28.9 million.
“The company believes that splitting the stock will serve to make CellStar common stock a more affordable investment option for a larger universe of investors and is in the best interest of our stockholders,” said Alan Goldfield, chairman and chief executive officer of CellStar.