PSINet Inc. (Nasdaq: PSIX) said Tuesday it would split its stock 2-for-1.
Shares in the Internet carrier rose 2 25/64 to 87 1/2, or 2 percent on the news. The stock has already risen considerably in the new year, after PSINet announced strong revenue ahead in the fourth quarter. PSINet offers global e-commerce infrastructure and retail and wholesale Internet services through its subsidiaries.
The board of directors has approved a 2-for-1 stock split of the company's common stock, which will be effected in the form of a stock dividend. Shareholders of record at the close of business on January 28, 2000 will receive one additional share of PSINet common stock for each share held, the company said. Following the split, PSINet will have about 146.5 million shares outstanding.