Shake Shack founder Danny Meyer filed Thursday to sell a majority of his shares in the burger chain, Crain’s New York Business reports.
Meyer, who holds close to 1.3 million Shake Shack shares, noted in a regulatory filing that he could shrink his shares to as few as 30,000, Crain’s says. Though not a commitment to sell, the filing strongly indicates his intent to do just that.
Additionally, the chain’s biggest shareholder filed to “liquidate its entire stake in the burger joint,” Crain’s reports.
Shake Shack saw its market capitalization climb close to $2 billion during its January IPO, as Restaurant Business earlier reported.
Read the full story on Crain’s New York Business.
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