By Colin Kellaher

Nvidia Corp. on Friday said its board declared a 4-for-1 stock split in a bid to make owning the graphics-chip maker's shares more affordable for investors and its employees.

The Santa Clara, Calif., company said the split is subject to shareholder approval of a proposal to increase the number of authorized shares to four billion from the current two billion.

Nvidia, which currently has about 622.4 million shares outstanding, sports a market capitalization of roughly $350 billion based on Thursday's closing price of $584.50. A year ago, Nvidia shares were changing hands at around $361.

Nvidia's shareholders are slated to vote on the increase in authorized shares at the company's annual meeting on June 3. If approved, shareholders of record on June 21 will receive three additional shares on July 19 for each share held, with post-split trading to begin July 20, the company said.

Shares of Nvidia rose 3.7% to $606.20 in premarket trading Friday.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

May 21, 2021 09:35 ET (13:35 GMT)

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