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Chipotle Announces Monumental 50-for-1 Stock Split and Special Equity Grant for Employees
NEWPORT BEACH, Calif. – In a landmark announcement on March 19, 2024, Chipotle Mexican Grill, Inc. (NYSE: CMG) revealed that its Board of Directors has approved a colossal 50-for-one stock split, a move that is poised to make history in the New York Stock Exchange (NYSE). This decision underscores the remarkable growth and financial success the company has experienced, marking the first stock split in the company’s 30-year journey.
Seeking Shareholder Approval
To facilitate this significant change, Chipotle aims to amend its Certificate of Incorporation to increase the number of authorized shares of common stock, a step that requires the nod from its shareholders. The company is set to propose this amendment during its upcoming annual meeting on June 6, 2024, with hopes of securing shareholder approval to move forward with the split.
Details of the Stock Split
Upon approval, shareholders recorded as of June 18, 2024, will be entitled to receive 49 additional shares for every share they own, with the distribution scheduled for after the market closes on June 25, 2024. The anticipation builds as Chipotle’s shares are expected to commence trading on a post-split basis from the opening of the market on Wednesday, June 26, 2024.
A Strategic Move for Broader Accessibility
Jack Hartung, Chipotle’s Chief Financial and Administrative Officer, expressed that this strategic move aims to make Chipotle’s stock more accessible to a wider range of investors and employees, reflecting on the company’s all-time high stock performance driven by unprecedented revenues, profits, and growth.
Honoring the Backbone of Chipotle
In a gesture of gratitude and recognition of the company’s success, Chipotle has also 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, emphasized the importance of rewarding the hard work and dedication of these key team members, allowing them to share in the company’s financial achievements.
About Chipotle
Chipotle Mexican Grill, Inc., a staple in the food industry known for its commitment to serving responsibly sourced, real food, operates over 3,400 restaurants globally. As a leader in digital, technology, and sustainable business practices, Chipotle continues to innovate while making its food more accessible to everyone. The company’s efforts have not gone unnoticed, as it proudly stands on the Fortune 500 list and is recognized by Fortune's Most Admired Companies 2024 and Time Magazine's Most Influential Companies.
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