50:1: Biggest Stock Splits in History! Mega Restaurant Company Fixes Record Date – Check Details
50:1 Stock Split: Foods and restaurant giant, Chipotle Mexican Grill with over 3,400 restaurants in the United States, Canada, the United Kingdom, France and Germany has announced one of the biggest stock splits in the history of New York Stock Exchange. The stock (NYSE: CMG) is listed in NYSE. The board of the company has approved a 50-for-one split of its stock. The stock split is subject to shareholder approval.
Chipotle Mexican Grill Board Meeting Date
The company plans to seek shareholder approval at its upcoming annual meeting on June 6, 2024, the company said in a statement.
Chipotle Mexican Grill Stock Split Record Date
The company has fixed June 18 as the record date to determine the eligibility of the shareholders to enjoy the corporate benefit.
To be eligible for a stock split, one must hold the shares of that company in Demat account as on the record date. A stock split happens when a company divides its existing stock into multiple shares to boost liquidity. It divides stock into multiple shares to boost liquidity, as per Investopedia.
Listed companies may also split stocks to make share prices more attractive. The total value of the shares, however, remains the same because the split has no impact on the value.
Chipotle Mexican Grill Stock Split Credit Date
The additional shares will be credited in the account of shareholders’ accounts after market close on June 25. “If the Certificate of Incorporation amendment is approved, 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 are expected to begin trading on a post-split basis at the market open on Wednesday, June 26, 2024,” the company said in a statement.
“This is the first stock split in Chipotle’s 30-year history, and we believe this will make our stock more accessible to employees as well as a broader range of investors,” said Jack Hartung, Chief Financial and Administrative Officer, Chipotle. “This split comes at a time when our stock is experiencing an all-time high driven by record revenues, profits, and growth.”
Chipotle Mexican Grill Share Price
The counter settled flat at $2,901.94 apiece on the New York Stock Exchange, up marginally by 0.87 per cent in Tuesday’s trading session. The counter endured northbound journey to zoom about 68.94 per cent in the last one year, as per data available on the NYSE.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. Today Technology Market ResearchDigital suggests its readers/audience to consult their financial advisors before making any money related decisions.)
