Under Armour board approves 2-for-1 stock split

Under Armour’s board has approved a 2-for-1 stock split.

This will be the athletic gear company’s second stock split since going public in November 2005. Its last stock split was in July 2012.

Chairman and CEO Kevin Plank said in a statement that Baltimore-based company believes the stock split may broaden its investor base and improve the stock’s trading liquidity.

Under Armour Inc. said Monday that the additional shares issued due to the stock split will be distributed on April 14 to shareholders of record on March 28.

Shares of Under Armour gained $2.53, or 2.2 percent, to $119.88 in premarket trading about a half hour ahead of the market opening.