On or about April 7, Under Armour Inc. plans to complete the previously announced stock split that would give each of its shareholders another share of a new nonvoting stock for each one they own, the Baltimore-based athletic apparel brand said Wednesday.

Shareholders voted last August to approve the unusual split, which creates a Class C common stock and is designed to preserve CEO Kevin Plank's personal control over the company even as he sells off some shares.

The company said in a filing with the U.S. Securities and Exchange Commission Wednesday that its board of directors approved issuance of the stock.

Class C stock will be issued through a stock dividend to all existing holders of Under Armour's Class A and Class B common stock. Shares will be issued to stockholders of record as of March 28.

The company has applied to list the Class C stock under the UA.C ticker symbol on the New York Stock Exchange. Class A common stock will continue to trade under the UA ticker symbol.

The company has operated with a dual-tier stock structure in which the CEO owns most of the Class B shares, which have 10 times the voting rights of Class A shares. Under the new plan, that structure would end when Plank's ownership dips below 15 percent and all his Class B shares would convert to Class A shares.

Shares of Under Armour closed down 2 cents Wednesday at $81 each.

lorraine.mirabella@baltsun.com