Shake Shack Inc.’s stock slumped 7% in premarket trade Thursday, after the burger chain’s secondary offering of shares priced well below current market prices. The company said late Wednesday that the 4 million share offering priced at $60, or 7.4% below Wednesday’s closing price of $64.79. Shake Shack said it wouldn’t receive any proceeds from the offering, since all of the shares were offered by selling stockholders. The stock had lost 8.3% through Wednesday since the company reported second-quarter results earlier this week, but was still up 33% since the July 15 closing low of $48.73.
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