Retail giant Walmart announced on Tuesday evening its intention to proceed with a three-for-one stock split of its outstanding shares, a transaction due to take effect on February 23.

"The stock split is part of Walmart's ongoing review of optimal trading and spread levels, as well as its desire to make associates feel that buying stock is easily within reach," it explains.

Shareholders will thus receive two additional shares for each share held. Walmart shares will begin trading on a post-split basis when the market opens on February 26.

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