America Online's Board of DirectorsDeclares Two-for-One Stock Split
January 27, 1999 04:09 PM
DULLES, Va.--(BUSINESS WIRE)--Jan. 27, 1999--America Online, Inc. AOL today announced that its Board of Directors has voted to declare a two-for-one split of the Company's common stock.
On February 22, 1999, stockholders will receive one additional share for every share they own on the record date of February 8, 1999. Following the effective date of the split, America Online will have approximately 933 million shares outstanding.
Steve Case, Chairman and Chief Executive Officer of America Online, said: "We are extremely pleased that we are once again able to split our common stock. By making ownership of our Company more accessible to the average investor, we hope to enable as many people as possible to share in the future growth of America Online and the interactive medium."
America Online went public on March 19, 1992, and its pending stock split marks its sixth since November 23, 1994. A stockholder who bought 1,000 shares for $11,500 at the Company's initial public offering on March 19, 1992, and held the stock would, after the latest split, own 64,000 shares valued at approximately $5 million based on current prices.
The last stock split took place on November 17, 1998.
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