Netflix, Inc. (NASDAQ: NFLX) proposed a vast increase in the number of its authorized shares, promising a stock split to sweeten the pot.

In a proxy statement filed late Friday, the company proposed boosting authorized shares to 5 billion from 170 million.

If increase is approved by shareholders at a June 9 annual meeting, Netflix said it will split its stock split at a ratio "to be determined" following the meeting.

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Netflix said it doesn't have current plans for acquisitions or equity financing.

But increasing the authorized shares will provide "greater flexibility" to issue shares for equity financing, acquisitions and executive compensation as well as other purposes, the company said.

The 5 billion number is "comparable" to the number of shares authorized by other technology companies, according to Netflix.

In late trading, the company changed hands recently at $455.07, up $0.50.

Too Expensive?

The only other stock split in Netflix history occurred on Feb 12, 2004, when shares were split two-for-one.

On a per share basis, Netflix currently has the 16th highest share price on American exchanges according to Finviz.