Shake Shack announces price range for its IPO
On Tuesday, Shake Shack announced its initial public offering will be priced at $14 to $16 a share. The company plans to sell five million Class A shares on the New York Stock Exchange, with the ticker symbol SHAK. The New York Times reports that Shake Shack, which operates 63 restaurants globally, expects net proceeds of $69.8 million.
Shake Shack filed to go public in December and is classified as an "emerging growth company" by the Jumpstart Our Business Start-Ups Act.
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