06:10 PM EDT, 03/19/2024 (MT Newswires) -- Chipotle Mexican Grill ( CMG ) said late Tuesday its board has approved a 50-for-1 split of its shares.

The split is subject to shareholder approval of an amendment to the company's certificate of incorporation to raise the number of authorized common shares.

Chipotle Mexican said it plans to seek shareholder approval for the amendment at its June 6 annual meeting and expects the shares to start trading on a post-split basis June 26.

The shares were up more than 6% in after-hours activity.

Price: 2970, Change: +172.44, Percent Change: +6.16