Netflix will be splitting its shares seven-to-one, the company said in a statement after the markets closed Tuesday.
The Los Gatos, Calif.-based company’s stock doubled this year. The split will make the stock more accessible to investors, Netflix CEO Reed Hastings told investors at the company’s annual meeting, Bloomberg reports.
The split will take effect on July 14, and is payable to stockholders as of July 2. The new shares will begin to trade on July 15, and any shares purchased between July 2 and July 14 will come with a “due-bill” entitling buyers to six more shares for each share they’ve purchased.
Netflix, which started as a DVD-by-mail lending service, has since evolved into a primarily digital streaming company. Today, the company says it has more than 62 million members in over 50 countries, who watch more than 100 million hours of television shows and movies per day.
Netflix’s stock closed at $681.19 at the end of regular trading hours, and climbed to at least $703.55 in after-hours trading following the stock-split announcement.