Chipotle Mexican Grill (NYSE:CMG) stock surged over 6% pre-market today following the announcement that its board has endorsed a 50-for-1 stock split, awaiting approval from its shareholders at the annual meeting on June 6.

Should the proposal receive the nod, every shareholder registered as of June 18 will be allotted 49 additional shares for each share they possess. The split-adjusted trading is slated to commence on June 26, making it one of the most significant stock splits on the New York Stock Exchange. With the split, Chipotle’s stock price is projected to be around $56, based on the closing price from Tuesday, contingent upon the approval.

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