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Chipotle Mexican Grill, Inc. has unveiled plans for a significant stock split, marking a monumental milestone in the company's history. The Board of Directors has approved a 50-for-one split of its common stock, set to become one of the largest stock splits in New York Stock Exchange (NYSE) history.
Stock Split Approval Process
According to a press release, Chipotle's stock split is contingent upon obtaining shareholder approval to amend the Company's Certificate of Incorporation. This amendment aims to increase the number of authorized shares of common stock to facilitate the stock split. Shareholder approval for this amendment is slated to be sought at the upcoming annual meeting on June 6, 2024.
Distribution Details
Wall Street Journal noted that if the Certificate of Incorporation amendment garners approval, shareholders of record, as of June 18, 2024, will receive 49 additional shares for each share held. These extra shares will be distributed after the market closes on June 25, 2024.
Chipotle's shares are anticipated to commence trading on a post-split basis at the market open on Wednesday, June 26, 2024.
According to Jack Hartung, Chipotle's Chief Financial and Administrative Officer, this stock split is a historic first in the company's 30-year history. The move is expected to enhance accessibility to Chipotle's stock for employees and a wider spectrum of investors. The decision to split the stock comes amid unprecedented growth, with Chipotle achieving record revenues, profits, and overall expansion.
Special Recognition for Employees
To mark this momentous occasion and acknowledge the exceptional performance of its team, Chipotle has announced a special one-time equity grant for all restaurant general managers and crew members with over 20 years of service.
Brian Niccol, Chairman and CEO of Chipotle, expressed gratitude towards the dedication and hard work exhibited by the general managers and long-serving crew members. The equity grant serves as an additional incentive to reinforce their commitment to delivering outstanding results and participating in the company's financial success.
In a gesture of appreciation, Chipotle has introduced a one-time equity grant to honor the contributions of loyal employees. This grant is a testament to the company's commitment to recognizing and rewarding the efforts of its dedicated workforce.
Photo: PR Newswire
