Chipotle’s stock price has soared so high that its board of directors approved a 50-for-1 stock split.

CNN
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Chipotle’s board announced Tuesday that it has approved a 50-for-1 stock split, which the company is calling one of the largest stock splits in New York Stock Exchange history.

This means that each Chipotle share, worth $2,797.56 as of Tuesday’s stock market close, could be split into 50 shares, subject to shareholder approval, effectively reducing the cost of investing in the company.

Companies often decide to split their stock when they believe the price per share is too high for the average investor. Chipotle Chief Financial Officer Jack Hartung said in a statement that the split will make the stock more “accessible.”

“This is the first stock split in Chipotle’s 30-year history, and we believe it will make our stock more accessible to a wide range of investors, not just our employees,” Hartung said.

However, a split has not yet been agreed upon. The company plans to put the stock split decision to a shareholder vote on June 6th. If approved, Chipotle’s cheaper stock would begin trading at market opening on June 26.

Investors appear to be welcoming the possibility of a split, with Chipotle’s stock up nearly 5% in after-hours trading Tuesday.

The announcement comes as Chipotle stock is trading at all-time highs.