Chipotle Mexican Grill Shares Surge to All-Time High

Shares in burrito restaurant chain Chipotle Mexican Grill hit an all-time high on Monday, rising $93.75 to close at $3,365.46. Shares hit an intraday and all-time high of $3,384.04.

The company announced last week during its annual meeting,shareholders approved an increase in the number of authorized shares of its common stock, which is necessary to facilitate the company’s 50-for-1 stock split. This will be one of the biggest stock splits in New York Stock Exchange (NYSE) history.

Shareholders of record as of June 18, 2024 will receive 49 additional shares for each share held, which will be distributed after market close on June 25, 2024. Chipotle’s shares will begin trading on a post-split basis at the market open on Wednesday, June 26, 2024.

“We believe the stock split will make our stock more accessible to our employees as well as a broader range of investors,” said Jack Hartung, Chief Financial and Administrative Officer, Chipotle. “With this historic decision, we’ll be better able to reward our team members and empower them to have ownership in our company.”

To commemorate this special event and in recognition of the company’s strong performance, Chipotle announced a special one-time equity grant for all restaurant general managers as well as crew members with more than 20 years of service.