Netflix has approved a seven-for-one stock split, the company said Tuesday. The video streaming company’s shares rose almost 3 percent to $700.50 in extended trading.
The split will come in the form of a dividend of six additional shares for each outstanding share, Netflix said. It is payable on July 14 to stock owners of record at the July 2 close. Trading at the post-split price will start July 15.
This article originally appeared on Recode.net.