By Sabela Ojea
Chipotle Mexican Grill said it plans to do a 50-for-1 stock split to make its shares more accessible to employees and a broader range of investors.
The restaurant chain said its board approved the first stock split in its 30-year history. The company will seek shareholder approval for the split at its annual meeting on June 6.
The company’s stock closed Tuesday at $2,797.56, up 22% since the beginning of the year and 74% over the past 12 months.
Should the stock split get approved, the stock would trade around $56, based on the closing price Tuesday.
The company currently has about 27.4 million shares outstanding.
If the split gets approved, shareholders would receive 49 additional shares for each share held, to be distributed after the market close on June 25. Chipotle’s shares are expected to trade on a post-split basis starting on June 26, the company said.
Write to Sabela Ojea at sabela.ojea@wsj.com