Tesla Inc. said on Monday it would ask shareholders to vote at its annual meeting to increase the number of additional shares in order to enable a stock split.

The Austin, Texas-based company's shares rose nearly 4% to $1,049.05 in trading before the bell. As of 10:39 a.m. EST, TSLA stock was up 6.57%.

The stock split, if approved, would be the company's latest after a five-for-one split in August 2020 to make owning the stock easier for its employees and investors.

It comes on the heels of stock splits announced by tech giants including Alphabet Inc, Amazon.com Inc and Apple Inc in recent years as they gain in a pandemic-induced rally in the sector.

Tesla said its board had approved the management proposal, but the stock dividend will be contingent on final approval.