Tesla Delays Filing as Investors Await Word on Possible Stock Split

(Bloomberg) — Tesla Inc. needs more time to file a regular disclosure ahead of its annual shareholders’ meeting, pushing back a potential detailing of plans for issuing new shares and a possible stock split.

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Elon Musk’s electric-car-market leader said on Monday in a securities filing that it wouldn’t be able to file a proxy statement until sometime later this year, without providing a specific timeline. Tesla faced an April 30 deadline for filing its shareholder proxy after the end of its fiscal year on Dec. 31.

“We currently expect that our definitive proxy statement for the 2022 annual meeting of stockholders will be filed later than the 120th day after the end of the last fiscal year,” it said.

Investors are awaiting details on an anticipated request for a share-issuance vote the Austin, Texas, based company announced in a March 28 tweet. Tesla said new shares would “enable a stock split,” but didn’t provide details.

Read more: Tesla Adds $84 Billion to Valuation on Stock-Split Signal (1)

Tesla hasn’t announced a date for its 2022 shareholder meeting, which it held in October last year. The last time the company split its stock was in August 2020.

Shares of the company fell 2.2% to $851.58 as of 9:37 a.m. in New York. The stock is down about 19% so far this year.

(Updates with opening shares in sixth paragraph.)