Burger chain goes back for seconds
by MEAT+POULTRY staff
NEW YORK – Shake Shack Inc., the “roadside” burger stand known for its 100-percent all-natural, antibiotic-free Angus beef burgers, announced the pricing of a secondary offering of 4 million shares of its Class A common stock by certain of the company’s stockholders (the “Selling Stockholders”) at a price of $60.00 per share. The company’s initial public offering, priced at $21 per share, occurred on Jan 31, 2015.
As a part of the secondary offering, the Selling Stockholders have granted the underwriters a 30-day option to purchase up to 600,000 additional shares of the company’s Class A common stock at the public offering price. All of the shares in the offering were offered by the Selling Stockholders and the company will not receive any proceeds from the sale of these shares by the Selling Stockholders.
The closing of the offering is expected to occur on Aug. 18, subject to the satisfaction of customary closing conditions.
Since the original Shack opened in 2004 in New York’s Madison Square Park, the company has opened 36 locations in 12 states and the District of Columbia, as well as international locations including in London, Istanbul, Dubai, Moscow and more.