Magic Software Seeks 3-for-1 Stock Split
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Magic Software Enterprises Ltd., whose stock price has more than doubled in the past five weeks, said Tuesday that its board of directors has approved a three-for-one split of the company’s common stock.
The Irvine provider of e-commerce and other business services said the proposed split, subject to stockholder approval, would increase the number of shares outstanding from about 8.5 million shares to about 25 million.
A special meeting of shareholders to approve the stock split and the proposed increase in shares is set for Jan. 24.
The proposed split is designed to help broaden the distribution and enhance the marketability of Magic’s common stock, said Jack Dunietz, Magic’s chief executive.
The company’s stock rose 11% Tuesday to close at $47.50 a share, up $4.63 from Monday’s close.
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