Tesla has asked shareholders to vote at its annual meeting on whether to authorize the issuance of additional shares to effect a split, the company announced on Twitter

“Tesla will ask shareholders to vote at this year’s annual meeting on whether to authorize additional shares to enable a split,” the company announced.

Tesla’s board of directors agreed to management’s proposal, but the stock dividend will be subject to final board approval.

The electric car maker plans to implement the second stock split in the company’s history since going public on June 29, 2010. Tesla’s first split of securities took place on August 31, 2020 in a 5:1 ratio.

The company plans to increase the number of outstanding shares through a pro rata split of each original share. No new shares are issued during this procedure.

The purpose of a stock split is usually to make overpriced shares more accessible so that more traders can participate in trading.