Shake Shack files to sell 4 million shares, stock falls 5%
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Shake Shack on Instagram
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Shares of Shake Shack were down 5% in after-hours trading following the news.
The stock was up 3% on Monday to close at $54.79.
Since its IPO in January, shares are up 19%.
At the completion of the IPO in February, the company sold 5.75 million shares at $21 per share.
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This offering of Shake Shack shares is to sell shares held by existing holders, and it likely related to the end of the company's post-IPO lock up on July 29, the first chance many company insiders will have to unload their stake.
Here's the chart showing the after-hours decline in the stock.
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