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Amazon to boost stock
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March 16, 1999: 8:37 a.m. ET
Online retailer to increase authorized shares to 1.5 billion from 300 million
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NEW YORK (CNNfn) - Amazon.com Inc. plans to boost its authorized common stock in a move that could mean the biggest online retailer of books and music has plans for more acquisitions.
Amazon, which has made several acquisitions since it was founded in 1994, said in a recent filing with federal regulators that its board of directors last month approved boosting the amount of its authorized common stock to 1.5 billion shares from 300 million.
The filing didn't say what the company plans to do with the new stock, issuance of which must be approved by shareholders. But such moves are usually made to allow a company to finance acquisitions, defend itself in case of an unwanted takeover attempt, or for general purposes.
Amazon (AMZN) has become one of the "blue chip" Internet stocks, even though the company has yet to turn a profit. Over the last 13 months its stock price has gone from a low of just under 10 to a high of nearly 200. It ended at 138-15/16 Monday, up 5-5/8 on Nasdaq.
The increase in authorized shares is subject to approval by stockholders at Amazon's annual meeting, which is set for May 20. 
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