Shake Shack Floating More Than 3.4 Million New Shares of Stock
Shortly after announcing it would return a loan from the government's Small Business Administration (SBA), Shake Shack (NYSE: SHAK) filed a prospectus for a new share sale. The company will sell just over 3.4 million shares of its Class A common stock to the underwriters of the issue, who will go on to sell them to investors.
The underwriting syndicate, led by JPMorgan Chase unit J.P. Morgan Securities, and including Bank of America Securities and Wells Fargo Securities, is paying $39.77 per share for the stock. This should raise nearly $136 million in gross proceeds for the hamburger restaurant chain operator.
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Source Fool.com
