Chipotle Mexican Grill (CMG) announced late Tuesday that its board has approved a 50-for-1 stock split. Chipotle stock rose solidly overnight.

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Shareholders will vote on the Chipotle stock split at the annual meeting on June 16.

Chipotle stock jumped 4.4% in late trading. Shares climbed 0.9% to 2,797.56 on Tuesday, a record close.

A split can sometimes spur buying as investors see the stock as “cheaper,” even though their ownership stake is no different than before. Stock splits do make options trading easier.

A 50-for-1 stock split is unusually large.

In 2022, Google parent Alphabet (GOOGL) announced a 20-for-1 split.

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