Coca-Cola Consolidated board approves 10-for-1 split

Coca-Cola Consolidated (COKE) announced that its board approved a 10-for-1 split of the company’s common stock and Class B common stock. The stock split is subject to stockholder approval of an amendment to the company’s restated Certificate of Incorporation to effect a 10-for-1 forward stock split of the company’s common stock and Class B Common Stock and to proportionally increase the number of authorized shares of common stock and Class B common stock to accommodate the stock split. The company intends to seek stockholder approval for the amendment at its upcoming annual meeting of stockholders on May 13. If the amendment is approved, stockholders of record as of May 16 will receive nine additional shares for each share of common stock or Class B common stock held. Additional shares will be distributed to stockholders of record on or about May 23. The company’s shares are expected to begin trading on a split-adjusted basis on or about Tuesday, May 27.