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Reuters

Canada’s Shopify announces 10-for-1 stock split

Shopify also said it would seek shareholder approval to authorize a new class of shares, called the Founder share, to Tobi Lutke, its chief executive officer and founder. The proposal seeks to preserve the voting power of Lutke, as the Founder share will provide him with a variable number of votes and that combined with his previously owned shares from other classes would represent 40% of the total voting power attached to all of Shopify’s outstanding shares. U.S.-listed shares of Shopify rose 2.9% to $620 in premarket trading as the company said it was looking to make its stock more “accessible” to investors.

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