Why Are Some Stock Splits Classified as Stock Dividends?

Last updated: October 13, 2026

In the Global Corporate Actions API, some stock splits may appear as Stock Dividend events based on how the event was announced, classified by our upstream data provider, and mapped in the API. This does not mean the underlying corporate action was not a stock split, and there are two common scenarios where this may occur.

Scenario 1: The Stock Split Is Announced as a Stock Dividend

In some cases, the issuer announces that the stock split will be executed in the form of a stock dividend. In these cases, the event is classified as a Stock Dividend, and the API reflects the same classification.

Example

Since the issuer described the event as a stock dividend, it is displayed as a Stock Dividend in the API.

Scenario 2: The Stock Split Is Classified as a Bonus Issue

In other cases, an issuer announces a stock split in which shareholders receive additional shares while security identifiers, such as the ticker symbol or CUSIP, remain unchanged. Under these conditions, the event may be classified as a Bonus Issue.

In the Global Corporate Actions API, Bonus Issue events are represented as Stock Dividend events.

Example

GraniteShares announced that shareholders would receive additional shares while the ticker symbol and CUSIP remained unchanged. Under these conditions, the event is classified as a Bonus Issue, which is represented as a Stock Dividend in the API.