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Possible new Shake Shack shares

SHAKDilution

Known so far: no new shares from the prospectus covers read · shelf not limited by the baby-shelf rule · not yet read: warrants, ATM.

Shelf room

  • Room today not capped by the baby-shelf rule ($5.2B float, Jun 25, 2025)
How this is worked out

Shelf room on the S-3ASR of Jun 6, 2024: not limited by the baby-shelf rule, because the $5.2B public float stated as of Jun 25, 2025 is $75M or more. Sources: S-3ASR Jun 6, 2024, effective Jun 6, 2024 · public float, as of Jun 25, 2025.

What could become new Shake Shack (SHAK) shares: convertible notes and options and RSUs, each with the 10-Q, 10-K, S-3 or 424B filing it comes from.

Shake Shack dilution ladder

Every source of new shares on record, from the filings that created it.

42.7M outstanding; up to 42.8M fully diluted, +0%

  1. Outstandingas of Oct 22, 2025 (10-Q filed Oct 30) · share count on the cover page
    42.7M
  2. Convertible notes0 shares10-Q Oct 30, 2025 · securities left out of diluted EPS
    +0
  3. Options and RSUs0 options, 119K RSUs10-Q Oct 30, 2025 · securities left out of diluted EPS
    +119K

Not stated in the filings we read: an ATM program, warrants.

Counts, sizes and prices as stated in each filing; the fully diluted count is arithmetic on them. Dollars become shares only at a price a filing states. Not advice.

Financing terms to know

None found in filings since Oct 30, 2025.

Each term is quoted from the exhibit it comes from; numbers are as stated in the filing. A flag describes a financing term. It is not investment advice.