Shake Shack Shares Dip After Company Files To Sell Up To 26 Million More Shares

Shake Shack Inc. has filed for the sale of another up to 26 million shares. The company will not receive any of the proceeds from the offer, which will be conducted by selling shareholders, it said in a filing with the Securities and Exchange Commission. Shares were down 2% in premarket trade, and are down 6% in the last three months, while the S&P 500 has fallen 2.6%. The burger chain went public in January at $21 a share. The stock has since climbed to a peak above $92 in May, and closed Wednesday at $48.48, or 130% above its IPO price.