Chipotle Mexican Grill Inc. has announced that at a special meeting held Dec. 21, the company's shareholders approved a proposal to convert all of the outstanding shares of the company's Class B common stock into shares of Class A common stock on a one-for-one basis, and to rename the Class A common stock as "common stock."
To implement the conversion, Chipotle will file today an Amended and Restated Certificate of Incorporation with the Secretary of State of Delaware. The conversion will become effective immediately upon filing, and shareholders need not take any action to convert their shares. Any existing stock certificates validly issued for shares of Chipotle Class A or Class B common stock will represent shares of Chipotle's single class of common stock, and shares held in brokerage accounts will be automatically adjusted by the broker to reflect the conversion and name change.
Beginning Dec. 22, 2009, trading in the Class B common stock (CMG.B) on the New York Stock Exchange will be suspended, and all trading in Chipotle common stock will be under the ticker symbol CMG.
