Chipotle Mexican Grill (NYSE:CMG) shares popped more than 6% Wednesday after the company said its board had approved a proposal for a 50-for-1 stock split.
The decision is pending shareholder approval at the annual meeting scheduled for June 6.
If shareholders give the green light, every shareholder on record by June 18 will receive 49 extra shares for every share owned. Trading on a split-adjusted basis is expected to start on June 26, marking one of the largest stock splits on the New York Stock Exchange.
Assuming approval, Chipotle's stock is anticipated to trade at approximately $56 based on Tuesday's closing price.
Currently, CMG has about 27.4 million shares outstanding.
The stock gained more than 72% over the past year, closing at a new record high of $2,797.56 on Tuesday.