Chipotle's board has approved a 50-for-1 stock split. Here's what that means
In a rare move on Wall Street, Chipotle Mexican Grill’s board has approved a 50-for-1 stock split
NEW YORK (AP) — In a rare move on Wall Street, Chipotle Mexican Grill's board has approved a 50-for-1 stock split.
In an announcement Tuesday, the burrito chain lauded the proposed split as one of the biggest in New York Stock Exchange history — while noting it believed the move would also boost accessibility of the company's stock.
“This is the first stock split in Chipotle’s 30-year history, and we believe this will make our stock more accessible to employees as well as a broader range of investors,” said Jack Hartung, Chipotle's chief financial and administrative officer, said in a prepared statement.
But despite approval from its board of directors, the split isn't set in stone just yet. Chipotle still needs the greenlight from shareholders, which is expected in June.
