SpaceX shareholders have approved a 5-for-1 stock split recommended by the board, according to a Bloomberg report.
The space exploration company, which is preparing for an IPO, informed shareholders via email that the fair market value per share is now approximately $105.32, down from the pre-split valuation of $526.59.
Bloomberg noted it could not immediately verify the details, and SpaceX did not respond to requests for comment outside business hours.
The corporate restructuring comes during a busy operational period. On Friday, SpaceX successfully launched its Cargo Dragon spacecraft on the CRS-34 commercial resupply mission for NASA from Cape Canaveral.
The spacecraft carried about 6,500 pounds of science experiments and crew supplies to the International Space Station, lifted off atop a Falcon 9 rocket after two weather delays.
Meanwhile, SpaceX is preparing for the debut of its Starship V3 megarocket, targeted for launch on Flight 12 no earlier than May 19. This will be the first test of the redesigned V3 architecture.
