• Chipotle plans 50:1 stock split
• Shareholders still have to approve
• One of the largest corporate actions on the NYSE
As the US restaurant chain Chipotle Mexican Grill announced on Tuesday after the US stock market closed, the board of directors had approved a stock split. As part of the corporate action, which will be carried out at a ratio of 50:1, all shareholders who hold Chipotle shares on June 18, 2024 will have 49 additional shares booked into their portfolio for each share held.
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The stock split would be one of the largest to date on the New York Stock Exchange.
Shareholders still have to approve
The stock split is still subject to the approval of Chipotle shareholders, who are expected to approve the plan at the company’s annual general meeting on June 6, 2024. If the corporate action is approved, the new Chipotle shares will probably be traded at a visually significantly lower price level from June 26th.
Chipotle shares hit new record high
Chipotle shares have staged a strong price rally in recent months. Within a year, the price level rose by more than 72 percent, and since the start of the year alone the increase has totaled around 22 percent.
On Tuesday, Chipotle shares closed at $2,797.56, a new record high. On Wednesday, the price on the NYSE temporarily rose by another 3.70 percent to 2,90094 US dollars, so that a new high was reached in Wednesday trading.
Editorial team finanzen.net
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