In a significant development in the financial world, Chipotle Mexican Grill’s board has approved a 50-for-1 stock split. This move is considered one of the largest in the history of the New York Stock Exchange.

The decision was made with the intention of making the company’s stock more accessible to a broader range of investors. Jack Hartung, Chipotle’s chief financial and administrative officer, stated that this is the first stock split in Chipotle’s 30-year history.

A stock split is a corporate action that increases the number of outstanding shares of a company, thereby reducing the price per share. In Chipotle’s case, each share is set to be split into 50 smaller shares. If the split was executed today, the price of Chipotle’s stock, which stood at around $2,900, would soon cost just $58.

This move is seen as partially psychological, with companies turning to stock splits in hopes of lowering high prices that may intimidate investors. However, the value of shareholders’ holdings remains unchanged.

Despite the approval from its board of directors, the split isn’t set in stone just yet. Chipotle still needs the greenlight from shareholders, which is expected in June.

The most common stock splits are typically smaller ratios like 2-for-1 or 3-for-1, making Chipotle’s proposed 50-for-1 move pretty rare in U.S. stock history. This decision by Chipotle could potentially influence other companies to consider similar actions.