08:44 AM EDT, 07/11/2024 (MT Newswires) -- MicroStrategy ( MSTR ) said Thursday that its board has approved a 10-for-1 stock split of the company's class A and class B common shares.

The stock split will be effected by stock dividend to the company's class A and class B common shareholders of record as of Aug. 1.

The company said its shares are expected to trade on a split-adjusted basis, effective markets open Aug. 8.

Shares of the company were up nearly 7% in recent Thursday premarket activity.

Price: 1,393.50, Change: +87.78, Percent Change: +6.72