Shopify shares rose over 4% on Tuesday, after preliminary data revealed that Shopify shareholders had approved its 10-for-1 stock split as well as the proposal for Founder shares.

The stock split will result in nine additional class A subordinate voting votes or nine Class B multiple voting share for shareholders who were present as of June 22, 2022.

Tobi Lutke, founder and CEO of the Company, would retain his 40% voting rights through the founder share. If Tobi leaves the Company or his immediate family, and/or his associates lose a certain number of Class A and/or Class B shares, the founder share will expire.

Shopify’s shares have fallen 73% over the past year, however they are still up 2109% compared to its 2015 IPO of $17.