Under Armour creates Class C stock that will act as 2-for-1 stock split

Athletic clothing retailer Under Armour Inc. (UA) has created a third class of non-voting common stock, the company said late Monday. The Class C stock will be distributed to holders of the company's Class A and Class B common stock through a stock dividend, a move that will have the same effect as a 2-for-1 stock split.

Each holder of Class A and Class B stock will be entitled to one share of the Class C stock, and will have the same rights as the existing Class A stock, apart from voting rights. The company will determine a ticker for the Class C stock at a later date. Under Armour will hold a special meeting on Aug. 26 to allow shareholders vote on certain amendments to its charter, related to the creation of the new class of stock.