A Chipotle restaurant in New York, USA, on Monday, July 3, 2023.
Gina Moon | Bloomberg | Getty Images
Chipotle Mexican BBQ The burrito chain’s shares rose about 7% in after-hours trading after the company said Tuesday its board of directors had approved a 50-to-1 split of its common stock.
The California-based company said the stock split is subject to shareholder approval at its upcoming annual meeting on June 6. If approved, shareholders of record as of June 18 would receive 49 additional shares for each share held.
The shares are expected to begin trading after the market opens on June 26, in what the company says will be one of the largest stock splits in the history of the New York Stock Exchange.
Its shares closed at an all-time high of $2,797.56 on Tuesday, up more than 70% in the past 12 months.
Chipotle shares rise steadily after going public top Market estimates for February quarter profit and sales were boosted by its relatively affluent customers ordering burritos and rice bowls, even as the menu became more expensive.
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