(Reuters) - A majority of SpaceX shareholders have approved a 5-for-1 stock split recommended by the company's board, Bloomberg News reported on Friday, citing people familiar with the matter.
Shareholders of IPO-bound SpaceX were informed via email that the stock's fair market value was adjusted to $105.32 per share from $526.59 following the split, the report said. The stock split will be processed during the week of May 18 and is expected to be completed by May 22, Bloomberg reported.
Reuters exclusively reported on Friday that Elon Musk's rocket and satellite maker SpaceX is aiming to list its shares as early as June 12 and has picked the Nasdaq as the trading venue for its blockbuster market debut.
The company is likely to seek to raise about $75 billion at a valuation of roughly $1.75 trillion, which would make it the largest stock market flotation of all time, Reuters has previously reported.
SpaceX did not immediately respond to a request for comment outside regular business hours.