(Reuters) – Tesla Inc, a maker of electric vehicles (NASDAQ) proposed a stock splitting at a three to one ratio through a stock dividend. According to a regulatory filing.

Voting will take place on August 4. If approved, the proposal would become effective immediately after an August 2020 five-for-one split.

Tesla’s board of directors will now be reduced to two-year terms by asking shareholders. Directors’ terms will be staggered for two years if approved.

After a rally in technology shares caused by pandemics, Alphabet (NASDAQ) Inc, Amazon.com Inc(NASDAQ:) and Apple Inc. (NASDAQ) have also recently split their shares in order to make them less expensive.

Although stock splits reduce the cost of company shares for investors and employees, many brokerages offer customers the ability to buy smaller amounts of individual shares.