NEW YORK (AP) — Shares of Tesla are up sharply after the electric car maker announced its second stock split in less than two years.

The company said in a regulatory filing that it plans to make a request at its upcoming annual shareholders' meeting to increase its number of authorized shares so that it can split the stock in the form of a dividend.

The Associated Press reported that the company did not specify when a split would take place or what the ratio would be.

Shares jumped more than 7% Monday.

According to the AP, over the past year, Tesla’s shares are up more than 60%.

Tesla's board approved the proposal, but the dividend is contingent on final board approval.

The company last split its stock in August 2020.

News of the company's request comes as CEO Elon Musk announced that he supposedly has COVID.