Complément alimentaire – Formulaire 424B5 Shake Shack Inc.



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Classé
Conformément à la règle 424 (b) (5)
Numéro d’enregistrement: 333-225528

CALCUL
DES FRAIS D’INSCRIPTION

Titre
        des titres

à
        être enregistré

Montant
        être
Inscrit

Proposé
Maximum
Prix ​​d’offre
par unité

Proposé

Maximum

Agrégat

Offre
        Prix

Montant
        de

enregistrement
        Frais(1)

Classe
    Une action ordinaire, valeur nominale 0,0001 $
3,416,070 39,77 $ 135 857 104 $ 17 635 $

(1) Calculé
                                         conformément à la règle 457 (r) de la Securities Act. Ce «calcul d’inscription
                                         Le tableau des frais est réputé mettre à jour le «calcul des frais d’inscription»
                                         tableau dans la déclaration d’enregistrement de la personne inscrite sur le formulaire S-3 (dossier no 333-225528)
                                         conformément aux règles 456 (b) et 457 (r) en vertu de la Securities Act.

Prospectus
Supplément


Prospectus du 8 juin 2018)

3 416 070 actions

Classe
Un stock commun

_________________________

nous
offrent 3 416 070 actions ordinaires de catégorie A, d’une valeur nominale de 0,0001 $ par action, qui sont émises conformément à une souscription
convention (la «convention de prise ferme») entre nous et J.P. Morgan Securities LLC, en tant que représentant des preneurs fermes (au sens des présentes).

Notre
Les actions ordinaires de catégorie A sont cotées à la Bourse de New York (la «NYSE») sous le symbole «SHAK».
Le dernier prix de vente déclaré de nos actions ordinaires de catégorie A sur le NYSE le 17 avril 2020 était de 43,50 $ par action. Nous avons deux
classes d’actions ordinaires: actions ordinaires de classe A et actions ordinaires de classe B. Chaque action ordinaire de catégorie A et ordinaire de catégorie B
les actions confèrent à leur détenteur un droit de vote sur toutes les questions présentées à nos actionnaires en général. Tous nos actions ordinaires de classe B
est détenue par les détenteurs d’actions SSE (tels que définis dans les présentes) sur une base individuelle avec le nombre de participations LLC (comme
définis aux présentes) de SSE Holdings (tels que définis aux présentes) dont ils sont propriétaires. Voir «À propos de ce supplément de prospectus» et
 «Résumé du supplément de prospectus».

le
Les preneurs fermes ont convenu de nous acheter nos actions ordinaires de catégorie A au prix de 39,77 $ par action, ce qui entraînera
135 857 104 $ de produit total pour nous, avant les dépenses. Les preneurs fermes peuvent offrir nos actions ordinaires de catégorie A en un ou plusieurs
transactions sur le NYSE, sur le marché de gré à gré ou par le biais de transactions négociées aux prix du marché en vigueur à
le moment de la vente, à des prix liés à ces prix du marché en vigueur ou à des prix négociés. Voir
 « Souscription. »

Investir
dans nos actions ordinaires de classe A comporte des risques. Voir «Facteurs de risque» à partir de la page S-3 du présent supplément de prospectus
et «Facteurs de risque» dans notre rapport annuel sur formulaire 10-K pour l’exercice clos le 25 décembre 2019, qui est intégré
par référence au présent supplément de prospectus et au prospectus qui l’accompagne.

Ni
la Securities and Exchange Commission ni aucune commission des valeurs mobilières de l’État n’a approuvé ou désapprouvé ces titres ou
déterminer si ce supplément de prospectus ou le prospectus qui l’accompagne est véridique ou complet. Toute déclaration contraire
est une infraction pénale.

___________________

J.P.
    Morgan
BofA
    Titres
puits
    Fargo Securities

___________________

le
la date du présent supplément de prospectus est le 17 avril 2020

TABLE
DU CONTENU

Prospectus
Supplément

Prospectus

À PROPOS
CE SUPPLÉMENT DE PROSPECTUS

Ce
Le supplément de prospectus et le prospectus ci-joint font partie d’une déclaration d’enregistrement automatique en rayon sur le formulaire S-3 (dossier
N ° 333-225528) que nous avons déposé auprès de la Securities and Exchange Commission (la «SEC») le 8 juin 2018 en tant que «
émetteur chevronné », tel que défini dans la Règle 405 de la Securities Act, en utilisant un processus d’enregistrement« en rayon ».
Dans le cadre de ce processus d’enregistrement préalable, nous pouvons vendre des actions de nos actions ordinaires de catégorie A, des actions privilégiées, des titres de créance,
warrants, droits et parts au titre du prospectus inclus dans la déclaration d’enregistrement de temps à autre aux prix et
conditions à déterminer par les conditions du marché au moment de l’offre décrites dans le prospectus ci-joint.

Ce
le document est en deux parties. La première partie est le présent supplément de prospectus, qui décrit les conditions spécifiques de cette offre et
ajoute et met également à jour les informations contenues dans le prospectus ci-joint et les documents intégrés par renvoi aux présentes.
et là-dedans. La deuxième partie, le prospectus ci-joint, fournit des informations plus générales, dont certaines peuvent ne pas s’appliquer
offre. Généralement, lorsque nous faisons référence à ce prospectus, nous faisons référence à ce supplément de prospectus et au prospectus qui l’accompagne
combiné. Dans la mesure où il existe un conflit entre les informations contenues dans le présent supplément de prospectus et les informations
contenu dans le prospectus ci-joint ou dans tout document incorporé par référence ici ou là déposé avant la date de
ce supplément de prospectus, vous devez vous fier aux informations contenues dans ce supplément de prospectus; à condition que, si une déclaration
l’un de ces documents n’est pas cohérent avec une déclaration dans un autre document ayant une date ultérieure – par exemple, un document
incorporé par référence dans le prospectus ci-joint – la déclaration dans le document ayant la date la plus récente modifie ou
remplace la déclaration précédente.

Ni
ni les preneurs fermes n’ont autorisé une autre partie à vous fournir des informations différentes des informations contenues
dans le présent supplément de prospectus ou dans celui-ci ou dans tout prospectus écrit
préparé par nous ou en notre nom ou auquel nous vous avons référé. Nous déclinons toute responsabilité et ne pouvons fournir aucune
à la fiabilité de, toute autre information que d’autres pourraient vous donner. Ni nous ni les preneurs fermes ne faisons une offre à
vendre nos actions ordinaires de catégorie A dans toute juridiction où l’offre ou la vente n’est pas autorisée.

Avant
l’achat de titres, vous devez lire attentivement le présent supplément de prospectus, le prospectus de base qui l’accompagne et tout
prospectus de rédaction libre, accompagné des informations supplémentaires décrites sous la rubrique «Incorporation par renvoi».
Vous devez supposer que les informations contenues dans le présent supplément de prospectus, le prospectus de base qui l’accompagne ou tout écrit gratuit
le prospectus n’est exact qu’à la date figurant sur sa couverture respective et que toute information incorporée par référence est exacte
uniquement à la date du document incorporé par référence, sauf indication contraire. Notre entreprise, notre situation financière,
les résultats d’exploitation et les perspectives peuvent avoir changé depuis ces dates.

Ce
le supplément de prospectus et le prospectus ci-joint contiennent des résumés de certaines dispositions contenues dans certains documents
décrit ici, mais il est fait référence aux documents réels pour des informations complètes. Tous les résumés sont qualifiés en
leur intégralité par les documents réels. Des copies de certains des documents mentionnés dans les présentes ont été déposées, seront déposées ou
être incorporé par renvoi en tant que pièces à la déclaration d’enregistrement dont ce supplément de prospectus fait partie, et vous
peut obtenir des copies de ces documents comme décrit ci-dessous sous la rubrique «Où trouver plus d’informations». Ce
Le supplément de prospectus, le prospectus de base ci-joint ou tout prospectus écrit gratuit ne constituent pas une offre de vente ni
la sollicitation d’une offre d’achat de titres autres que les titres nominatifs auxquels ils se rapportent. Nous ne faisons pas d’offres
vendre des titres décrits dans le présent supplément de prospectus dans tout territoire où une offre ou une sollicitation n’est pas autorisée
ou dans lequel la personne qui fait une telle offre ou sollicitation n’est pas qualifiée pour le faire ou à quiconque à qui il est illégal de faire
une offre ou une sollicitation.

Comme
utilisé dans le présent supplément de prospectus, sauf indication contraire du contexte:

· « nous, »
                                         «Nous», «notre», la «société», «Shake Shack»
et d’autres références similaires font référence à Shake Shack Inc. et, sauf indication contraire
                                         déclaré, toutes ses filiales, y compris SSE Holdings, LLC, auxquelles nous nous référons
                                         sous le nom de «SSE Holdings» et toutes ses filiales. Nous sommes une société holding
                                         sans opérations directes, et notre principal actif est notre participation dans SSE
                                         Holdings. Nous sommes également le seul membre directeur de SSE Holdings.

· « Original
                                         SSE Equity Owners »
désigne les propriétaires de SSE Holdings avant notre introduction en bourse (comme
                                         définis ci-dessous), y compris Daniel H. Meyer et ses sociétés affiliées.

· « Continue
                                         SSE Equity Owners »
fait référence à ces propriétaires d’actions SSE d’origine (et à leur affilié
                                         cessionnaires) qui continuent de détenir des intérêts LLC (tels que définis ci-dessous) à la date
                                         de ce supplément de prospectus et qui peuvent racheter leurs intérêts LLC restants pour
                                         des actions ordinaires de catégorie A, y compris Daniel H. Meyer et des sociétés affiliées, et
                                         certains de nos hauts dirigeants.

· «IPO»
fait référence au premier appel public à l’épargne de la Société, clôturé le 4 février 2015,
                                         de 5 750 000 actions ordinaires de catégorie A au prix d’offre publique de 21,00 $
                                         par action.

· « LLC
                                         Intérêts »
fait référence à la seule classe d’intérêts communs des membres de l’ESS
                                         Holdings.

MARQUES

Ce
le supplément de prospectus, le prospectus ci-joint et les documents intégrés par renvoi aux présentes comprennent nos marques de commerce,
noms commerciaux et marques de service, tels que «Shake Shack®, «  » ShackBurger®, «  » ® »
 «  »
 «Chien Shack-Cago®, «  » SmokeShack®»,« ShackMeister® »
 « Cabane20®»,« Pooch-ini®« Et » Stand for Something Good « ® »
qui sont protégés par les lois de propriété intellectuelle applicables et sont notre propriété. Ce supplément de prospectus, le
Le prospectus et les documents incorporés par renvoi aux présentes contiennent également des marques de commerce, des noms commerciaux et des marques de service d’autres
qui appartiennent à leurs propriétaires respectifs. Uniquement pour la commodité, les marques de commerce, les noms commerciaux et les marques de service
mentionnés dans le présent supplément de prospectus, le prospectus ci-joint et les documents intégrés par renvoi aux présentes peuvent
apparaître sans le ®, ™ ou SM symboles, mais ces références ne visent en aucun cas à indiquer
manière, que nous ne revendiquerons pas, dans toute la mesure permise par la loi applicable, nos droits ou le droit du concédant de licence
ces marques, noms commerciaux et marques de service. Nous n’entendons pas utiliser ou afficher les marques de commerce, le commerce
les noms ou marques de service impliquent, et une telle utilisation ou affichage ne doit pas être interprété comme impliquant, une relation avec, ou une approbation
ou le parrainage de nous par ces autres parties.

PROSPECTUS
RÉSUMÉ DU SUPPLÉMENT

Ce
Le résumé met en évidence certaines informations contenues ailleurs ou incorporées par référence dans le présent supplément de prospectus. Ce
Le résumé ne contient pas toutes les informations dont vous devriez tenir compte avant de décider d’investir dans nos actions ordinaires de catégorie A.
Pour une compréhension plus complète de notre entreprise et de cette offre, vous devez lire et considérer attentivement les informations plus détaillées
inclus ou intégrés par renvoi dans le présent supplément de prospectus et dans le prospectus ci-joint, y compris les facteurs décrits
sous la rubrique «Facteurs de risque» à la page S-3 du présent supplément de prospectus et dans notre rapport annuel sur formulaire 10-K pour l’exercice clos le 25 décembre 2019, déposé auprès de la SEC le 24 février 2020, au poste 8.01 du notre rapport actuel sur le formulaire 8-K déposé auprès de la SEC le 17 mars 2020 et sous le point 8.01 de notre
Rapport sur formulaire 8-K déposé le 17 avril 2020, chacun étant incorporé par renvoi dans le présent
supplément de prospectus et le prospectus ci-joint, ainsi que les informations incluses dans tout prospectus écrit gratuit qui
nous avons autorisé l’utilisation dans le cadre de cette offre. Les principes de «l’hospitalité éclairée», tels que définis
par Danny Meyer, déclarons que nous donnons la priorité à notre propre peuple avant tout, parce que nous comprenons que prendre soin les uns des autres est
la fondation qui nous permet d’offrir une excellence et une hospitalité hors du commun aux membres de notre équipe, aux invités, à notre communauté, à notre
fournisseurs et nos actionnaires. Nous appelons nos clients des «invités», car nous traitons quiconque entre dans nos restaurants,
ou « Shacks », comme s’ils étaient des invités dans notre maison. Sauf indication contraire ou que le contexte implique autrement,
la description de notre menu, de notre chaîne d’approvisionnement et de nos opérations dans le présent supplément de prospectus s’applique à nos entreprises nationales
Shacks, car certaines des cabanes exploitées par nos titulaires de licence varient dans le menu, la chaîne d’approvisionnement et les opérations.

APERÇU
DE SHAKE SHACK

Secouer
Shack est un stand de hamburgers «en bordure de route» moderne servant un menu américain classique de hamburgers haut de gamme, hot-dogs, croustillant
poulet, crème pâtissière surgelée, frites coupées froissées, shakes, bière, vin et plus encore. Fondée à l’origine en 2001 par Union Square de Danny Meyer
Hospitality Group, ou USHG, qui possède et exploite certains des restaurants les plus acclamés et populaires de New York, tels
comme Union Square Cafe, Gramercy Tavern et Maialino, pour n’en nommer que quelques-uns. Shake Shack a commencé comme un chariot à hot-dog pour soutenir le rajeunissement
du Madison Square Park de New York à travers sa première installation artistique de Conservancy, «I
Oui Taxi. » Le chariot était
un succès instantané, avec des lignes se formant quotidiennement tout au long des mois d’été au cours des trois prochaines années. En réponse, le département de la ville
of Parks and Recreation a attribué à Shake Shack un contrat pour créer un kiosque pour aider à financer l’avenir du parc. En 2004, Shake Shack
officiellement ouvert. Bientôt, il est devenu un lieu de rassemblement pour les habitants et une institution bien-aimée de New York, recueillant une importante
l’attention des médias, les éloges de la critique et un public passionné. Depuis sa création, Shake Shack a connu une croissance rapide – avec
275 cabanes, au 25 décembre 2019, dans 15 pays et 30 États, ainsi que dans le district de Columbia – et nous continuons
pour se développer à l’échelle mondiale en apportant l’expérience Shake Shack à de nouveaux clients à travers le monde.

ENTREPRISE
INFORMATION

Secouer
Shack Inc. a été constituée en société par actions du Delaware le 23 septembre 2014. Notre siège social est situé au 225 Varick
Street, Suite 301, New York, New York 10014. Notre numéro de téléphone est le (646) 747-7200. L’adresse de notre site Web principal est www.shakeshack.com.
Les informations sur l’un de nos sites Web sont réputées ne pas être incorporées dans le présent supplément de prospectus ou faire partie de ce prospectus.
supplément.

LA
OFFRE

Classe
    Un stock commun offert par nous
3,416,070 actions
Actions ordinaires de catégorie A devant être en circulation immédiatement après cette offre 37.833.372 actions
Utilisation
    des produits

nous
                                         avons l’intention d’utiliser le produit net que nous recevons de cette offre pour acheter de nouvelles
                                         LLC Intérêts de SSE Holdings à un prix d’achat par intérêt égal au public
                                         offrant le prix par action des actions ordinaires de catégorie A dans cette offre.

nous
        ont l’intention de faire en sorte que SSE Holdings utilise ces produits comme suit: pour le fonds de roulement et à d’autres fins générales de l’entreprise.
        Voir «Utilisation du produit».

Risque
    Facteurs
Investir
    dans nos actions ordinaires de classe A comporte un degré de risque élevé. Voir «Facteurs de risque».
Nouveau
    Symbole de la Bourse de York
« SHAK »

Le nombre d’actions de nos actions ordinaires de catégorie A devant être en circulation
immédiatement après cette offre, comme indiqué ci-dessus, est basée sur 34 417 302 actions ordinaires de catégorie A en circulation en décembre
25, 2019 et exclut:

3,338,374
des actions ordinaires de catégorie A réservées aux fins d’émission aux termes de notre programme de primes d’encouragement 2015;
1,159,882
les actions ordinaires de catégorie A réservées aux attributions d’actions en circulation dans le cadre du programme de primes d’encouragement 2015; et
3 117 002
actions ordinaires de catégorie A réservées pour une émission future lors du rachat ou de l’échange de participations LLC par l’ESS continue
Propriétaires d’actions.

RISQUE
FACTEURS

Vous
devrait soigneusement examiner les risques décrits ci-dessous, ainsi que toutes les autres informations incluses ou incorporées par
référence dans ce supplément de prospectus, avant de prendre une décision d’investissement. Vous devriez également considérer les questions discutées
sous «Facteurs de risque» dans notre rapport annuel sur formulaire 10-K pour l’exercice clos le 25 décembre 2019, sous la rubrique
8.01 de notre rapport actuel sur le formulaire 8-K déposé le 17 mars 2020 et au point 8.01 de notre rapport actuel sur le formulaire 8-K déposé le
17 avril 2020, dont chacun est incorporé par référence ici. Dans la mesure où la pandémie COVID-19 affecte négativement notre
résultats commerciaux et financiers, il peut également avoir pour effet d’augmenter nombre des autres risques décrits dans ce
Section «Facteurs» et sous «Facteurs de risque» dans notre rapport annuel sur formulaire 10-K pour l’exercice terminé le décembre
Le 25 mars 2019, au point 8.01 de notre rapport actuel sur formulaire 8-K déposé le 17 mars 2020 et au point 8.01 de notre rapport actuel
sur formulaire 8-K déposé le 17 avril 2020, y compris en ce qui concerne notre capacité à respecter les clauses restrictives de notre crédit
établissement. Notre entreprise, notre situation financière et nos résultats d’exploitation pourraient être touchés de façon importante et défavorable par
ces risques ou incertitudes. Dans ce cas, le cours de nos actions ordinaires de classe A pourrait baisser et vous pourriez perdre tout
ou une partie de votre investissement.

Des risques
Concernant cette offre et nos actions ordinaires de catégorie A

le
Le prix du marché de nos actions ordinaires de catégorie A a été et pourrait demeurer volatil ou pourrait diminuer, peu importe notre rendement d’exploitation.

le
Le prix du marché de nos actions ordinaires de catégorie A a été et pourrait demeurer volatil. De plus, le prix de marché de notre Classe
Une action ordinaire peut fluctuer considérablement en réponse à un certain nombre de facteurs, dont la plupart ne peuvent être contrôlés, notamment:

· la
                                         les implications actuelles du nouveau coronavirus (virus COVID-19) sur nos activités et nos opérations,
                                         qui comprennent, entre autres, la réduction du trafic client dans nos restaurants, le potentiel
                                         l’augmentation des coûts des produits de base, la fermeture ou la réduction des heures
                                         restaurants, notre capacité à mettre en œuvre des plans de croissance, les effets négatifs sur la
                                         nos effectifs, nos résultats financiers et nos liquidités, et peuvent également inclure une éventuelle incapacité
                                         pour obtenir des fournitures, augmenter les coûts des produits de base et notre capacité à respecter les clauses restrictives
                                         en vertu de notre facilité de crédit;

· faible
                                         une croissance des ventes comparable à celle des attentes du marché;

· retards
                                         dans les ouvertures prévues de nouvelles cabanes;

· temporaire
                                         ou fermetures prolongées de Shack;

· trimestriel
                                         les variations de nos résultats d’exploitation par rapport aux attentes du marché;

· changements
                                         dans les préférences de nos clients;

· négatif
                                         publicité sur nous, les industries auxquelles nous participons ou scandales individuels;

· annonces
                                         de nouvelles offres ou de réductions de prix importantes par nous ou nos concurrents;

· Stock
                                         performance des prix de nos concurrents;

· substantiel
                                         les ventes futures de nos actions ordinaires de catégorie A;

· changements
                                         dans le prix et la disponibilité des produits alimentaires, en particulier le bœuf et les produits laitiers;

· les fluctuations
                                         en prix et volumes boursiers;

· Actions
                                         par des concurrents;

· changements
                                         dans la haute direction ou le personnel clé;

· changements
                                         dans les estimations financières des analystes en valeurs mobilières;

· négatif
                                         les gains ou autres annonces de notre part ou d’autres sociétés de restauration;

· rétrogradations
                                         dans nos notations de crédit ou les notations de crédit de nos concurrents;

· incidence
                                         d’endettement ou d’émissions de capital-actions;

· global
                                         facteurs économiques, juridiques et réglementaires non liés à notre performance; et

· la
                                         d’autres facteurs intégrés par renvoi dans le présent supplément de prospectus et dans le
                                         prospectus.

Volatilité
dans le prix du marché de nos actions ordinaires de catégorie A peut faire subir aux investisseurs une perte sur leur investissement.

Dans
De plus, les marchés boursiers ont connu des fluctuations extrêmes des prix et des volumes qui ont affecté et continuent d’affecter le marché
cours des titres de participation de nombreuses sociétés de notre industrie. Par le passé, les actionnaires ont intenté un recours collectif en valeurs mobilières
contentieux consécutifs à des périodes de volatilité des marchés. Si nous étions impliqués dans un litige en valeurs mobilières, nous pourrions engager des frais importants
et nos ressources et l’attention de la direction pourraient être détournées de nos activités.

nous
disposera d’un large pouvoir discrétionnaire dans l’utilisation du produit net de cette offre et pourrait ne pas les utiliser efficacement.

nous
l’intention d’utiliser le produit net de cette offre pour acheter des participations LLC nouvellement émises, comme décrit dans la rubrique «Utilisation des produits».
Nous ne pouvons pas préciser avec certitude les utilisations particulières du produit net que SSE Holdings recevra de cet achat. Notre
la direction aura un large pouvoir discrétionnaire dans l’application par SSE Holdings de ce produit, y compris à l’une des fins décrites
dans «Utilisation du produit». En conséquence, vous devrez vous fier au jugement de notre direction en ce qui concerne l’utilisation
du produit, avec des informations limitées sur les intentions spécifiques de la direction. Notre gestion peut entraîner SSE Holdings
de dépenser une partie ou la totalité du produit net de cette offre d’une manière que nos actionnaires ne souhaitent pas ou qui
donner un rendement favorable. L’incapacité de notre direction à amener SSE Holdings à appliquer ces fonds efficacement pourrait nuire à notre
affaires. Dans l’attente de leur utilisation, SSE Holdings peut investir le produit net de cette offre d’une manière qui ne génère pas de revenus
ou qui perd de la valeur.

Vente
de nos actions ordinaires de catégorie A par les actionnaires existants, ou la perception que ces ventes peuvent se produire, en particulier par les administrateurs, les dirigeants
dirigeants ou actionnaires importants de Shake Shack, peuvent entraîner la baisse du cours de nos actions.

Si
nos actionnaires existants, en particulier nos administrateurs, dirigeants ou autres sociétés affiliées, vendent des quantités substantielles de nos
Actions ordinaires de classe A sur le marché public ou perçues par le marché public comme ayant l’intention de vendre le prix de négociation
de nos actions ordinaires de classe A pourrait diminuer. De plus, la vente de ces actions ordinaires de catégorie A pourrait nuire à notre
capacité à mobiliser des capitaux, si nous le souhaitons. Nous ne pouvons pas prédire le moment ou le montant des ventes futures de notre catégorie A
actions ordinaires par les actionnaires existants, mais ces ventes, ou la perception que de telles ventes pourraient se produire, peuvent
prix du marché pour nos actions ordinaires de classe A.

Vous
pourrait subir une dilution future à la suite d’offres futures d’actions.

nous
nous prévoyons émettre 3 416 070 actions de nos actions ordinaires de catégorie A dans le cadre de l’offre envisagée par le présent supplément de prospectus. Dans
Afin de lever des capitaux supplémentaires, nous pouvons à l’avenir offrir des actions supplémentaires de nos actions ordinaires de catégorie A ou d’autres titres.
convertibles ou échangeables contre nos actions ordinaires de catégorie A, y compris dans le cadre de notre programme de vente sur le marché.
Nous ne pouvons pas prédire l’effet, le cas échéant, des ventes futures de nos actions ordinaires de catégorie A ou de la disponibilité de nos actions ordinaires de catégorie A
pour les ventes futures, sur la valeur de nos actions ordinaires de catégorie A, et les investisseurs qui achètent des actions ou d’autres titres à l’avenir
pourrait avoir des droits supérieurs aux actionnaires existants, y compris les investisseurs qui achètent des actions ordinaires de catégorie A
au placement envisagé par le présent supplément de prospectus.

DE PRÉCAUTION
NOTE CONCERNANT LES DÉCLARATIONS PROSPECTIVES

Ce
supplément de prospectus, le prospectus ci-joint, les documents incorporés par référence et tout prospectus en écriture libre
que nous avons autorisé à utiliser dans le cadre de cette offre contiennent des «déclarations prospectives» dans le
sens de l’article 27A du Securities Act de 1933, tel que modifié (le «Securities Act»), et de l’article 21E des Securities
Exchange Act de 1934, tel que modifié (l ‘«Exchange Act»). Toutes les déclarations autres que les déclarations de faits historiques contenues ou
incorporés par renvoi dans le présent supplément de prospectus et le prospectus ci-joint peuvent constituer des énoncés prospectifs.
Déclarations concernant nos résultats d’exploitation futurs et notre situation financière, notre stratégie commerciale, nos perspectives et nos plans et
les objectifs de gestion pour les opérations futures, y compris, entre autres, les déclarations concernant les nouvelles ouvertures prévues de Shack,
la croissance prévue des ventes dans la même cabane, les dépenses en immobilisations futures et les obligations au titre du service de la dette sont des énoncés prospectifs.
Dans certains cas, vous pouvez identifier les déclarations prospectives par des termes tels que «peut», «volonté»,
 «Devrait», «attend», «planifie», «prévoit», «pourrait»,
 «Entend», «cible», «projets», «envisage», «croit»,
 «Estimations», «prédit», «potentiel» ou «continuer» ou le négatif de ces
termes ou autres expressions similaires.

Tourné vers l’avenir
les déclarations impliquent des risques connus et inconnus, des incertitudes et d’autres facteurs importants qui peuvent entraîner nos résultats réels, notre performance
ou les réalisations doivent être sensiblement différentes de tous les résultats, performances ou réalisations futurs exprimés ou sous-entendus par les
déclarations. Nous pensons que ces facteurs comprennent, sans s’y limiter, les éléments suivants:

· la
                                         les implications actuelles du nouveau coronavirus (virus COVID-19) sur nos activités et nos opérations,
                                         qui comprennent, entre autres, la réduction du trafic client dans nos restaurants, le potentiel
                                         l’augmentation des coûts des produits de base, la fermeture ou la réduction des heures
                                         restaurants, notre capacité à mettre en œuvre des plans de croissance, les effets négatifs sur la
                                         nos effectifs, nos résultats financiers et nos liquidités, et peuvent également inclure une éventuelle incapacité
                                         pour obtenir des fournitures, augmenter les coûts des produits de base et notre capacité à respecter les clauses restrictives
                                         en vertu de notre facilité de crédit;

· notre
                                         incapacité à identifier et à sécuriser avec succès les sites appropriés et à développer et
                                         étendre nos opérations;

· notre
                                         incapacité à protéger notre marque et notre réputation;

· notre
                                         incapacité à prévenir les incidents liés à la sécurité sanitaire des aliments et aux maladies d’origine alimentaire;

· pénuries
                                         ou des interruptions dans la fourniture ou la livraison de produits alimentaires;

· notre
                                         l’incapacité de maintenir notre chaîne d’approvisionnement internationale;

· notre
                                         dépendance à l’égard d’un petit nombre de fournisseurs et d’une seule société de distribution pour la majorité
                                         de nos besoins de distribution intérieure;

· notre
                                         incapacité à se protéger contre les atteintes à la sécurité des informations confidentielles des clients;

· compétition
                                         d’autres restaurants;

· changements
                                         dans les goûts des consommateurs et les tendances nutritionnelles et alimentaires;

· notre
                                         incapacité à gérer notre croissance;

· notre
                                         incapacité à ouvrir des cabanes rentables;

· notre
                                         l’incapacité à générer une croissance des ventes prévue pour la même cabane;

· notre
                                         incapacité à maintenir des niveaux suffisants de flux de trésorerie ou d’accès au capital pour répondre à la croissance
                                         attentes;

· notre
                                         dépendance à l’égard des baux à long terme non résiliables;

· notre
                                         le non-respect des directives de performance opérationnelle et financière que nous fournissons au
                                         Publique;

· notre
                                         dépendance à l’égard des membres clés de notre équipe de direction;

· notre
                                         l’incapacité d’identifier ou d’employer des personnes qualifiées pour notre main-d’œuvre;

· la main d’oeuvre
                                         difficultés relationnelles;

· notre
                                         vulnérabilité à l’augmentation des prix des produits alimentaires et de l’énergie;

· notre
                                         vulnérabilité aux coûts des soins de santé et aux coûts de main-d’œuvre;

· notre
                                         vulnérabilité aux conditions des marchés financiers mondiaux;

· notre
                                         vente de boissons alcoolisées;

· notre
                                         dépendance à l’égard d’un nombre limité de licenciés;

· notre
                                         l’incapacité à maintenir de bonnes relations avec nos titulaires de licence;

· violations
                                         de la loi américaine sur les pratiques de corruption à l’étranger et d’autres mesures anti-corruption et anti-pots-de-vin similaires dans le monde
                                         lois;

· notre
                                         capacité à protéger adéquatement notre propriété intellectuelle;

· notre
                                         le modèle commercial est susceptible de litige;

· échec
                                         obtenir et maintenir les licences et permis requis pour se conformer aux boissons alcoolisées
                                         ou les règlements de contrôle des aliments;

· notre
                                         vulnérabilité aux conditions météorologiques défavorables dans les zones locales ou régionales où nos cabanes
                                         sont situés; et

· notre
                                         la réalisation de tout avantage découlant de la convention de créance fiscale conclue à l’époque
                                         de l’introduction en bourse et de notre structure organisationnelle.

Vous
ne doit pas s’appuyer sur des déclarations prospectives comme prédictions d’événements futurs. Nous avons basé les déclarations prospectives
contenues ou incorporées par renvoi dans le présent supplément de prospectus principalement sur les attentes et les projections
les événements et tendances futurs qui, selon nous, pourraient avoir une incidence sur nos activités, notre situation financière, nos résultats d’exploitation et nos perspectives. le
l’issue des questions décrites dans ces déclarations prospectives est sujette aux risques, incertitudes et autres facteurs décrits
ci-dessus et dans la section du présent supplément de prospectus et du prospectus ci-joint intitulé «Facteurs de risque» et
sous une rubrique similaire dans notre rapport annuel sur formulaire 10-K pour l’exercice clos le 25 décembre 2019, au poste 8.01 de notre
Rapport actuel sur le formulaire 8-K déposé le 17 mars 2020 et au point 8.01 de notre rapport actuel sur le formulaire 8-K déposé le 17 avril 2020
et d’autres documents intégrés par renvoi dans le présent supplément de prospectus. De plus, de nouveaux risques et incertitudes émergent de
de temps à autre, et il ne nous est pas possible de prédire tous les risques et incertitudes qui pourraient avoir un impact sur les perspectives
déclarations contenues ou incorporées par renvoi dans le présent supplément de prospectus. Nous ne pouvons pas vous assurer que les résultats, les événements
et les circonstances reflétées dans les déclarations prospectives seront atteintes ou se produiront et les résultats, événements ou circonstances réels
pourraient différer sensiblement de ceux décrits dans les déclarations prospectives.

le
Les déclarations prospectives incluses ou incorporées par renvoi dans le présent supplément de prospectus ne sont valables qu’à la date de leur formulation.
Sauf si la loi applicable l’exige, nous ne prévoyons pas de mettre à jour ou de réviser publiquement les déclarations prospectives, que ce soit
résultat de toute nouvelle information, événement futur ou autre.

UTILISATION
DES PRODUITS

Nous estimons que le produit net que nous offrirons la vente des actions ordinaires de catégorie A que nous offrons sera d’environ
135 857 104 $, avant les frais d’offre estimatifs. Notre direction aura un large pouvoir discrétionnaire sur l’utilisation du produit net
dans cette offrande.

Notre
la direction aura un large pouvoir discrétionnaire sur l’utilisation du produit net de cette offre. Nous avons l’intention d’utiliser le produit net
nous recevons de cette offre pour acheter des intérêts LLC nouvellement émis de SSE Holdings à un prix d’achat par intérêt égal
au prix d’offre publique par action des actions ordinaires de catégorie A de cette offre.

nous
ont l’intention de faire en sorte que SSE Holdings utilise ces produits comme suit: pour le fonds de roulement et à d’autres fins générales de l’entreprise.

nous
conservera une large discrétion quant à l’utilisation du produit net de la vente des titres par nous. Le produit net peut être investi
temporairement jusqu’à ce qu’ils soient utilisés aux fins prévues ou à des fins générales d’entreprise.

DIVIDENDE
POLITIQUE

nous
l’intention actuelle de conserver tous les fonds disponibles et tous les bénéfices futurs pour les utiliser dans le cadre de nos activités, et
nous ne prévoyons pas actuellement verser de dividendes en espèces sur nos actions ordinaires de catégorie A. Les détenteurs de nos actions ordinaires de classe B ne sont pas
droit de participer aux dividendes déclarés par notre conseil d’administration. Toute décision future de verser des dividendes aux porteurs
de nos actions ordinaires de catégorie A sera à la discrétion de notre conseil d’administration et dépendra de nombreux facteurs, dont notre
résultats d’exploitation, situation financière, exigences de fonds propres, restrictions des accords de dette de SSE Holdings et autres facteurs
que notre conseil d’administration juge pertinent. Nous sommes une société holding et la quasi-totalité de nos opérations est réalisée
par SSE Holdings et ses filiales. De plus, en vertu de la facilité de crédit renouvelable, SSE Holdings est actuellement restreinte
de dividendes en espèces, et nous prévoyons que ces restrictions se poursuivront à l’avenir, ce qui pourrait à son tour limiter notre capacité à
verser des dividendes sur nos actions ordinaires de catégorie A.

MATÉRIEL
CONSÉQUENCES FISCALES FÉDÉRALES AMÉRICAINES POUR LES NON-ÉTATS-UNIS. TITULAIRES D’UN STOCK COMMUN DE CLASSE A

le
la discussion qui suit est un résumé des conséquences importantes de l’impôt sur le revenu fédéral américain pour les non-États-Unis. Titulaires (tels que définis ci-dessous)
de l’achat, de la propriété et de la disposition de nos actions ordinaires de catégorie A vendues dans le cadre du présent placement, mais ne prétend pas
être une analyse complète de tous les effets fiscaux potentiels. Les effets des autres lois fiscales fédérales américaines, telles que les lois sur la succession et les donations,
et les lois fiscales nationales, locales ou non américaines applicables ne sont pas discutées. This discussion is based on the U.S. Internal Revenue
Code of 1986, as amended, or the Code, Treasury Regulations promulgated thereunder, judicial decisions, and published rulings
and administrative pronouncements of the U.S. Internal Revenue Service, or the IRS, in each case in effect as of the date hereof.
These authorities may change or be subject to differing interpretations. Any such change or differing interpretation may be applied
retroactively in a manner that could adversely affect a Non-U.S. Holder of our Class A common stock. We have not sought and will
not seek any rulings from the IRS regarding the matters discussed below. There can be no assurance the IRS or a court will not
take a contrary position to that discussed below regarding the tax consequences of the purchase, ownership and disposition of
our Class A common stock.

Ce
discussion is limited to Non-U.S. Holders that hold our Class A common stock as a “capital asset” within the meaning
of Section 1221 of the Code (generally, property held for investment). This discussion does not address all U.S. federal income
tax consequences relevant to a Non-U.S. Holder’s particular circumstances, including the impact of the Medicare contribution
tax on net investment income. In addition, it does not address consequences relevant to Non-U.S. Holders subject to special rules,
including, without limitation:

· NOUS.
                                         expatriates and former citizens or long-term residents of the United States;
· persons
                                         subject to the alternative minimum tax;
· persons
                                         holding our Class A common stock as part of a hedge, straddle or other risk reduction
                                         strategy or as part of a conversion transaction or other integrated investment;
· banks,
                                         insurance companies, and other financial institutions;
· brokers,
                                         dealers or traders in securities;
· “controlled
                                         foreign corporations,” “passive foreign investment companies,” and
                                         corporations that accumulate earnings to avoid U.S. federal income tax;
· partnerships
                                         or other entities or arrangements treated as partnerships for U.S. federal income tax
                                         purposes (and investors therein);
· tax-exempt
                                         organizations or governmental organizations;
· persons
                                         deemed to sell our Class A common stock under the constructive sale provisions of the
                                         Code;
· persons
                                         who hold or receive our Class A common stock pursuant to the exercise of any employee
                                         stock option or otherwise as compensation;
· tax-qualified
                                         retirement plans;
· persons
                                         subject to special tax accounting rules as a result of any item of gross income with
                                         respect to our Class A common stock being taken into account in an “applicable
                                         financial statement” as defined in Section 451(b) of the Code; et
· persons
                                         that own, or are deemed to own, our Class B common stock.

Si
an entity treated as a partnership for U.S. federal income tax purposes holds our Class A common stock, the tax treatment of a
partner in the partnership will depend on the status of the partner, the activities of the partnership and certain determinations
made at the partner level. Accordingly, partnerships holding our Class A common stock and the partners in such partnerships should
consult their tax advisors regarding the U.S. federal income tax consequences to them.

THIS
DISCUSSION IS NOT TAX ADVICE. INVESTORS SHOULD CONSULT THEIR TAX ADVISORS WITH RESPECT TO THE APPLICATION OF THE U.S. FEDERAL
INCOME TAX LAWS TO THEIR PARTICULAR SITUATIONS AS WELL AS ANY TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP AND DISPOSITION OF OUR
CLASS A COMMON STOCK ARISING UNDER THE U.S. FEDERAL ESTATE OR GIFT TAX LAWS OR UNDER THE LAWS OF ANY STATE, LOCAL OR NON-U.S.
TAXING JURISDICTION OR UNDER ANY APPLICABLE INCOME TAX TREATY.

Definition
of a Non-U.S. Titulaire

Pour
purposes of this discussion, a “Non-U.S. Holder” is any beneficial owner of our Class A common stock that is neither
a “U.S. person” nor an entity treated as a partnership for U.S. federal income tax purposes. A U.S. person is any
person that, for U.S. federal income tax purposes, is or is treated as any of the following:

· une
                                         individual who is a citizen or resident of the United States;
· une
                                         corporation created or organized under the laws of the United States, any state thereof,
                                         or the District of Columbia;
· une
                                         estate, the income of which is subject to U.S. federal income tax regardless of its source;
                                         ou
· une
                                         trust that (1) is subject to the primary supervision of a U.S. court and the control
                                         of one or more “United States persons” (within the meaning of Section 7701(a)(30)
                                         of the Code), or (2) has a valid election in effect to be treated as a U.S. person for
                                         U.S. federal income tax purposes.

Distributions

nous
do not currently expect to make any cash distributions to holders of our Class A common stock. However, if we do make distributions
of cash or property on our Class A common stock, such distributions will constitute dividends for U.S. federal income tax purposes
to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles.
Amounts of distributions not treated as dividends for U.S. federal income tax purposes will first constitute a return of capital
and be applied against and reduce a Non-U.S. Holder’s adjusted tax basis in its Class A common stock, but not below zero.
Any excess will be treated as capital gain and will be treated as described below under “—Sale or Other Taxable Disposition.”

Subject
to the discussion below regarding effectively connected income, backup withholding and payments made to certain foreign accounts,
dividends paid to a Non-U.S. Holder of our Class A common stock will be subject to U.S. federal withholding tax at a rate of 30%
of the gross amount of the dividends, or such lower rate specified by an applicable income tax treaty, provided the Non-U.S. Titulaire
furnishes a valid IRS Form W-8BEN or W-8BEN-E (or other applicable documentation) certifying qualification for the lower treaty
taux. A Non-U.S. Holder that does not timely furnish the required documentation, but that qualifies for a reduced treaty rate,
may obtain a refund of any excess amounts withheld by timely filing an appropriate claim for refund with the IRS. Non-U.S. Holders
should consult their tax advisors regarding their entitlement to benefits under any applicable income tax treaty.

Si
dividends paid to a Non-U.S. Holder are effectively connected with the Non-U.S. Holder’s conduct of a trade or business
within the United States (and, if required by an applicable income tax treaty, the Non-U.S. Holder maintains a permanent establishment
in the United States to which such dividends are attributable), the Non-U.S. Holder will be exempt from the U.S. federal withholding
tax described above. To claim the exemption, the Non-U.S. Holder must furnish to the applicable withholding agent a valid IRS
Form W-8ECI, certifying that the dividends are effectively connected with the Non-U.S. Holder’s conduct of a trade or business
within the United States. Any such effectively connected dividends generally will be subject to U.S. federal income tax on a net
income basis at the same rates applicable to U.S. persons. A Non-U.S. Holder that is a corporation also may be subject to a branch
profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on its effectively connected earnings
and profits for the taxable year that are attributable to such dividends, as adjusted for certain items. Non-U.S. Holders should
consult their tax advisors regarding any applicable tax treaties that may provide for different rules or rates.

Vente
or Other Taxable Disposition

Subject
to the discussions below regarding backup withholding and payments made to certain foreign accounts, a Non-U.S. Holder will not
be subject to U.S. federal income tax on any gain realized upon the sale or other taxable disposition of our Class A common stock
unless:

· la
                                         gain is effectively connected with the Non-U.S. Holder’s conduct of a trade or
                                         business within the United States (and, if required by an applicable income tax treaty,
                                         the Non-U.S. Holder maintains a permanent establishment in the United States to which
                                         such gain is attributable);

· la
                                         Non-U.S. Holder is a nonresident alien individual present in the United States for 183
                                         days or more during the taxable year of the disposition and certain other requirements
                                         are met; ou

· notre
                                         Class A common stock constitutes a U.S. real property interest, or USRPI, by reason of
                                         our status as a U.S. real property holding corporation, or USRPHC, for U.S. federal income
                                         tax purposes.

Gain
described in the first bullet point above generally will be subject to U.S. federal income tax on a net income basis at the same
rates applicable to U.S. persons. A Non-U.S. Holder that is a corporation also may be subject to a branch profits tax at a rate
of 30% (or such lower rate specified by an applicable income tax treaty) on a portion of its effectively connected earnings and
profits for the taxable year that are attributable to such gain, as adjusted for certain items.

Gain
described in the second bullet point above will be subject to U.S. federal income tax at a rate of 30% (or such lower rate specified
by an applicable income tax treaty), which may be offset by U.S. source capital losses of the Non-U.S. Holder (even though the
individual is not considered a resident of the United States), provided the Non-U.S. Holder has timely filed U.S. federal income
tax returns with respect to such losses.

With
respect to the third bullet point above, we believe we currently are not, and do not anticipate becoming, a USRPHC. Because the
determination of whether we are a USRPHC depends, however, on the fair market value of our USRPIs relative to the fair market
value of our non-U.S. real property interests and our other business assets, there can be no assurance we currently are not a
USRPHC or will not become one in the future. Even if we are or were to become a USRPHC, gain arising from the sale or other taxable
disposition by a Non-U.S. Holder of our Class A common stock will not be subject to U.S. federal income tax if our Class A common
stock is “regularly traded,” as defined by applicable Treasury Regulations, on an established securities market (such
as NYSE), and such Non-U.S. Holder owned, actually or constructively, 5% or less of our Class A common stock throughout the shorter
of the five-year period ending on the date of the sale or other taxable disposition or the Non-U.S. Holder’s holding period.
No assurance can be provided that our Class A common stock will be regularly traded on an established securities market for purposes
of the rules described above at all times in the future.

Non-U.S.
Holders should consult their tax advisors regarding potentially applicable income tax treaties that may provide for different
rules.

Information
Reporting and Backup Withholding

Subject
to the discussion below regarding payments made to certain foreign accounts, payments of dividends on our Class A common stock
to a Non-U.S. Holder will not be subject to backup withholding, provided the applicable withholding agent does not have actual
knowledge or reason to know that such holder is a United States person and such holder either certifies its non-U.S. status, such
as by furnishing a valid IRS Form W-8BEN, W-8BEN-E or W-8ECI, or otherwise establishes an exemption. However, information returns
are required to be filed with the IRS in connection with any dividends on our Class A common stock paid to the Non-U.S. Holder,
regardless of whether any tax was actually withheld. In addition, proceeds of the sale or other taxable disposition of our Class
A common stock within the United States or conducted through certain U.S.-related brokers generally will not be subject to backup
withholding or information reporting if the applicable withholding agent receives the certification described above and does not
have actual knowledge or reason to know that such holder is a U.S. person, or such holder otherwise establishes an exemption.
Proceeds of a disposition of our Class A common stock conducted through a non-U.S. office of a non-U.S. broker generally will
not be subject to backup withholding or information reporting.

Copies
of information returns that are filed with the IRS may also be made available under the provisions of an applicable treaty or
agreement to the tax authorities of the country in which the Non-U.S. Holder resides or is established.

Sauvegarde
withholding is not an additional tax. Any amounts withheld under the backup withholding rules may be allowed as a refund, or a
credit against a Non-U.S. Holder’s U.S. federal income tax liability, provided that the required information is timely furnished
to the IRS.

Additional
Withholding Tax on Payments Made to Foreign Accounts

Withholding
taxes may be imposed under Sections 1471 to 1474 of the Code, the Treasury Regulations promulgated hereunder and other official
guidance (commonly referred to as “FATCA”) on certain types of payments made to non-U.S. financial institutions and
certain other non-U.S. entities. Specifically, a 30% withholding tax may be imposed on dividends on, or gross proceeds from the
sale or other disposition of, our Class A common stock paid to a “foreign financial institution” or a “non-financial
foreign entity” (each as defined in the Code), unless (1) the foreign financial institution undertakes certain diligence,
reporting and withholding obligations, (2) the non-financial foreign entity either certifies it does not have any “substantial
United States owners” (as defined in the Code) or furnishes identifying information regarding each substantial United States
owner, or (3) the foreign financial institution or non-financial foreign entity otherwise qualifies for an exemption from these
rules. If the payee is a foreign financial institution and is subject to the diligence, reporting and withholding requirements
in (1) above, it must enter into an agreement with the U.S. Department of the Treasury requiring, among other things, that it
undertake to identify accounts held by certain “specified United States persons” or “United States-owned foreign
entities” (each as defined in the Code), annually report certain information about such accounts, and withhold 30% on certain
payments to non-compliant foreign financial institutions and certain other account holders. Accordingly, the entity through which
our Class A common stock is held will affect the determination of whether such withholding is required. Foreign financial institutions
located in jurisdictions that have an intergovernmental agreement with the United States governing FATCA may be subject to different
rules. Future Treasury Regulations or other official guidance may modify these requirements.

Sous
the applicable Treasury Regulations and administrative guidance, withholding under FATCA generally applies to payments of dividends
on our Class A common stock. While withholding under FATCA would have applied also to payments of gross proceeds from the sale
or other disposition of stock on or after January 1, 2019, proposed Treasury Regulations eliminate FATCA withholding on payments
of gross proceeds entirely. Taxpayers may rely on these proposed Treasury Regulations until final Treasury Regulations are issued.
The FATCA withholding tax will apply to all withholdable payments without regard to whether the beneficial owner of the payment
would otherwise be entitled to an exemption from imposition of withholding tax pursuant to an applicable tax treaty with the United
States or U.S. domestic law. We will not pay additional amounts to holders of our Class A common stock in respect of amounts withheld.

Prospective
investors should consult their tax advisors regarding the potential application of withholding under FATCA to their investment
in our Class A common stock.

UNDERWRITING

J.P.
Morgan Securities LLC is acting as the book-running manager of the offering and as representative of the underwriters (the
 “Underwriters”). We have entered into an underwriting agreement (the “Underwriting Agreement”) with J.P. Morgan Securities LLC. Subject to the terms and conditions of the Underwriting Agreement, we have agreed to sell to the
Underwriters, and the Underwriters have agreed to purchase from us, at the price set forth on the cover page of this
prospectus supplement, 3,416,070 shares of Class A common stock listed next to its name in the following table:

Nom Number
    of Shares
J.P. Morgan
    Securities LLC
2,903,660
BofA Securities,
    Inc.
341,607
Wells Fargo
    Securities, LLC
170,803
Total 3,416,070

le
Underwriters are committed to purchase all the shares Class A common stock offered by us if it purchases any shares. The Underwriting Agreement also provides that if an Underwriter defaults, the purchase commitments of non-defaulting Underwriters
may also be increased or the offering may be terminated.

le
Underwriters have agreed to purchase the shares of Class A common stock from us at a price of $39.77 per share, which will result
in net proceeds to us, before estimated expenses related to this offering, of approximately $135,857,104.

le
Underwriters propose to offer the shares of Class A common stock offered hereby from time to time for sale in one or more transactions
on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices
prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices, subject to receipt of acceptance
by them and subject to their right to reject any order in whole or in part. The Underwriters may effect such transactions by selling
the shares of Class A common stock to or through dealers and such dealers may receive compensation in the form of discounts, concessions
or commissions from the Underwriters and/or purchasers of shares of Class A common stock for whom they may act as agent or to
whom they may sell as principal. The difference between the price at which the Underwriters purchase shares and the price at which
the Underwriters resell such shares may be deemed to be underwriting compensation.

In order to facilitate the offering of the Class A common stock, the Underwriters may engage in transactions that stabilize,
maintain or otherwise affect the price of the Class A common stock. Specifically, the Underwriters may sell more shares than
they are obligated to purchase under the underwriting agreement, creating a short position. The Underwriters can close out
a short sale by purchasing shares in the open market. As an additional means of facilitating this offering, the Underwriters
may bid for, and purchase, shares of Class A common stock in the open market to stabilize the price of the Class A common
Stock. These activities may raise or maintain the market price of the Class A common stock above independent market levels
or prevent or retard a decline in the market price of the Class A common stock. The Underwriters are not required to engage
in these activities and may end any of these activities at any time.

nous
have agreed to indemnify the Underwriters and their controlling persons against certain liabilities, including liabilities under
the Securities Act, or to contribute to payments the Underwriters may be required to make in respect of those liabilities. le
Underwriters have agreed to reimburse us for certain expenses incurred in connection with this offering.

Notre
Class A common stock is listed on the New York Stock Exchange (“NYSE”) under the symbol “SHAK”.

We estimate that the total expenses of the offering payable by us will be approximately $625,000.

le
Underwriters and their respective affiliates have engaged in, and may in the future engage in, investment banking and other commercial
dealings in the ordinary course of business with us or our affiliates. The Underwriters have received, or may in the future receive,
customary fees and commissions for these transactions. An affiliate of Wells Fargo Securities, LLC is a lender under our credit
facility. Such affiliate may receive a portion of the proceeds from the sale of our Class A common stock in this offering in the
event that such proceeds are used to repay our loans under our credit facility. Each of the Underwriters is an agent under our
Distribution Agreement, dated April 17, 2020, pursuant to which we may offer and sell shares of our Class A common stock through
any of the Underwriters.

Dans
addition, in the ordinary course of their business activities, the Underwriters and their respective affiliates may make or hold
a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments
(including bank loans) for their own account and for the accounts of their customers. Such investments and securities activities
may involve securities and/or instruments of ours or our affiliates. The Underwriters and their respective affiliates may also
make investment recommendations and/or publish or express independent research views in respect of such securities or financial
instruments and may hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

Autre
than in the United States, no action has been taken by us or the Underwriters that would permit a public offering of the securities
offered by this prospectus in any jurisdiction where action for that purpose is required. The securities offered by this prospectus
may not be offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in
connection with the offer and sale of any such securities be distributed or published in any jurisdiction, except under circumstances
that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this
prospectus comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution
of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities offered
by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

Notice to Prospective Investors
in Canada

le
Class A common stock may be sold only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors,
as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are
permitted clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations.
Any resale of the Class A common stock must be made in accordance with an exemption from, or in a transaction not subject to,
the prospectus requirements of applicable securities laws.

Securities
legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this
prospectus supplement (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission
or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser’s
province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser’s
province or territory for particulars of these rights or consult with a legal advisor.

Pursuant
to section 3A.3 (or, in the case of securities issued or guaranteed by the government of a non-Canadian jurisdiction, section
3A.4) of National Instrument 33-105 Underwriting Conflicts (NI 33-105), the underwriters are not required to comply with the disclosure
requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.

Notice
to Prospective Investors in the European Economic Area and the United Kingdom

Dans
relation to each Member State of the European Economic Area and the United Kingdom (each a “Relevant State”), no shares
of Class A common stock have been offered or will be offered pursuant to the initial public offering in that Relevant State prior
to the publication of a prospectus in relation to the Class A common stock which has been approved by the competent authority
in that Relevant State or, where appropriate, approved in another Relevant State and notified to the competent authority in that
Relevant State, all in accordance with the Prospectus Regulation, except that offers of shares of Class A common stock may be
made to the public in that Relevant State at any time under the following exemptions under the Prospectus Regulation:

· à
                                         any legal entity which is a qualified investor as defined under the Prospectus Regulation;
· à
                                         fewer than 150 natural or legal persons (other than qualified investors as defined under
                                         the Prospectus Regulation), subject to obtaining the prior consent of the underwriters;
                                         ou
· dans
                                         any other circumstances falling within Article 1(4) of the Prospectus Regulation,

provided
that no such offer of Class A common stock shall require us or any underwriter to publish a prospectus pursuant to Article
3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation and each person
who initially acquires any shares of Class A common stock or to whom any offer is made will be deemed to have represented, acknowledged
and agreed to and with each of the underwriters and the Company that it is a “qualified investor” within the meaning
of Article 2(e) of the Prospectus Regulation. In the case of any shares of Class A common stock being offered to a financial intermediary
as that term is used in the Prospectus Regulation, each such financial intermediary will be deemed to have represented, acknowledged
and agreed that the shares of Class A common stock acquired by it in the offer have not been acquired on a non-discretionary basis
on behalf of, nor have they been acquired with a view to their offer or resale to, persons in circumstances which may give rise
to an offer of any shares of Class A common stock to the public other than their offer or resale in a Member State to qualified
investors as so defined or in circumstances in which the prior consent of the underwriters have been obtained to each such proposed
offer or resale.

Pour
the purposes of this provision, the expression an “offer to the public” in relation to shares of Class A common stock
in any Relevant State means the communication in any form and by any means of sufficient information on the terms of the offer
and any shares of Class A common stock to be offered so as to enable an investor to decide to purchase or subscribe for any shares
of Class A common stock, and the expression “Prospectus Regulation” means Regulation (EU) 2017/1129.

Notice
to Prospective Investors in the United Kingdom

Dans
addition, in the United Kingdom, this document is being distributed only to, and is directed only at, and any offer subsequently
made may only be directed at persons who are “qualified investors” (as defined in the Prospectus Regulation) (i) who
have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets
Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”) and/or (ii) who are high net worth companies (or
persons to whom it may otherwise be lawfully communicated) falling within Article 49(2)(a) to (d) of the Order (all such persons
together being referred to as “relevant persons”) or otherwise in circumstances which have not resulted and will not
result in an offer to the public of the shares of Class A common stock in the United Kingdom within the meaning of the Financial
Services and Markets Act 2000.

Tout
person in the United Kingdom that is not a relevant person should not act or rely on the information included in this document
or use it as basis for taking any action. In the United Kingdom, any investment or investment activity that this document relates
to may be made or taken exclusively by relevant persons.

LEGAL
MATTERS

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validity of the shares of Class A common stock offered by this prospectus supplement and the accompanying prospectus will be passed
upon for us by Cooley LLP, New York, New York. Davis Polk & Wardwell LLP,
New York, New York is acting as counsel for the Underwriters in connection with this offering.

EXPERTS

le
consolidated financial statements of Shake Shack Inc. appearing in Shake Shack Inc.’s Annual Report (Form 10-K) for the fiscal
year ended December 25, 2019 (including schedules appearing therein), and the effectiveness of Shake Shack Inc.’s internal control
over financial reporting as of December 25, 2019 have been audited by Ernst & Young LLP, independent registered public accounting
firm, as set forth in their reports thereon, included therein, and incorporated herein by reference. Such consolidated financial
statements are incorporated herein by reference in reliance upon such reports given on the authority of such firm as experts in
accounting and auditing.

INCORPORATION
OF CERTAIN INFORMATION BY REFERENCE

le
SEC allows us to “incorporate by reference” the information we file with it, which means that we can disclose important
information to you by referring to those documents. The information incorporated by reference is an important part of this prospectus
supplement and the accompanying prospectus, and information that we file later with the SEC will automatically update and supersede
this information. We incorporate by reference the following documents and all documents we file with the SEC pursuant to Section
13(a), 13(c), 14 or 15(d) pursuant to the Exchange Act on or after the date of this prospectus supplement and prior to the termination
of the offering under this prospectus supplement and the accompanying prospectus (other than, in each case, documents or information
deemed to have been furnished and not filed in accordance with SEC rules):

· la
                                         description of our Class A common stock in our registration statement on Form 8-A (File
                                         No. 001-36749), filed with the SEC on January 28, 2015, pursuant to Section 12(b) of
                                         the Exchange Act, including any subsequent amendments or reports filed for the purpose
                                         of updating such description.

Tout
statement contained herein or in any document incorporated or deemed to be incorporated by reference herein shall be deemed to
be modified or superseded for the purposes of this prospectus supplement and accompanying prospectus to the extent that a statement
contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein
modifies or replaces such statement. Any such statement so modified or superseded shall not be deemed to constitute a part of
this prospectus supplement and accompanying prospectus, except as so modified or superseded.

nous
hereby undertake to provide without charge to each person, including any beneficial owner, to whom a copy of this prospectus supplement
is delivered, upon written or oral request of any such person, a copy of any and all of the information that has been incorporated
by reference in this prospectus supplement and accompanying prospectus, other than exhibits to such documents, unless such exhibits
have been specifically incorporated by reference thereto. Requests for such copies should be directed to our Investor Relations
department, at the following address:

Shake
Shack Inc.

225
Varick Street, Suite 301

Nouveau
York, NY 10014

WHERE
YOU CAN FIND MORE INFORMATION

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prospectus supplement and the accompanying prospectus are part of the registration statement on Form S-3 we filed with the SEC
under the Securities Act and do not contain all the information set forth or incorporated by reference in the registration statement.
Whenever a reference is made in this prospectus supplement or the accompanying prospectus to any of our contracts, agreements
or other documents, the reference may not be complete and you should refer to the exhibits that are a part of the registration
statement or the exhibits to the reports or other documents incorporated by reference into this prospectus supplement and the
accompanying prospectus for a copy of such contract, agreement or other document. Because we are subject to the information and
reporting requirements of the Exchange Act, we file annual, quarterly and current reports, proxy statements and other information
with the SEC. Our SEC filings are available to the public over the Internet at the SEC’s website at http://www.sec.gov.

nous
are required to file periodic reports, proxy statements, and other information with the SEC pursuant to the Exchange Act. Such
reports and other information filed by us with the SEC are available free of charge on our website at investor.shakeshack.com
when such reports are made available on the SEC’s website. The SEC maintains an Internet website that contains reports, proxy
statements and other information about registrants, like us, that file electronically with the SEC. The address of that site is
www.sec.gov.

PROSPECTUS

Debt Securities

Preferred Stock

Class A Common Stock

Warrants

Depositary Shares

Rights

Units

Offered, from time to time, by Shake Shack
Inc.

et

12,318,993 Shares

of Class A Common Stock

Offered, from time to time, by the Selling
Stockholders

Shake Shack Inc. (the “Entreprise”) may,
from time to time, offer the securities described in this prospectus separately or together in any combination, in one or more
classes or series, in amounts, at prices and on terms that we will determine at the time of the offering.

This prospectus provides a general description of the
securities we may offer. We may provide the specific terms of the securities to be offered in prospectus supplements and/or in
free writing prospectuses accompanying this prospectus. We may also provide a specific plan of distribution for any securities
to be offered in a prospectus supplement and/or in a free writing prospectus. Supplements and/or free writing prospectuses may
also add, update or change information in this prospectus. You should carefully read this prospectus and any prospectus supplement
and free writing prospectus accompanying this prospectus, together with any documents incorporated by reference herein, before
you invest in our securities.

In addition, the selling stockholders identified in this
prospectus may, from time to time, offer and sell up to 12,318,993 shares of our Class A Common Stock. Out of the 12,318,993
shares of our Class A Common Stock that our selling stockholders may offer and sell, (i) 3,148,757 shares of our Class A Common
Stock were previously issued to certain of our selling stockholders and (ii) the remaining 9,170,236 shares of Class A Common Stock
will be issued by us from time to time to certain of our stockholders who are also the holders of LLC Interests of SSE Holdings
upon the redemption by such stockholders of an equivalent number of LLC Interests of SSE Holdings (and the surrender and cancellation
of an equivalent number of shares of Class B Common Stock, par value $0.001 per share, of the Company).

We are registering the offer and sale of the shares of
Class A Common Stock by the selling stockholders to satisfy registration rights we granted to the selling stockholders. le
registration of these shares of our Class A Common Stock does not necessarily mean that any of our Class A Common Stock
will be sold by the selling stockholders. We will not receive any proceeds from the resale of shares of Class A Common Stock
from time to time by the selling stockholders, but we have agreed to pay substantially all of the expenses incidental to the registration,
offering and sale of the Class A Common Stock by the selling stockholders, except that we will not bear any brokers’ or underwriters’
discounts and commissions, fees and expenses of counsel to underwriters or brokers, transfer taxes or transfer fees relating to
the sale of shares of our Class A Common Stock by the selling stockholders.

Our Class A Common Stock is listed on the New York Stock
Exchange under the symbol “SHAK.” We have two classes of common stock: Class A Common Stock and Class B Common Stock.
Each share of Class A Common Stock and Class B Common Stock entitles its holder to one vote on all matters presented to our stockholders
generally. All of our Class B Common Stock is held by the Continuing SSE Equity Owners (as defined herein) on a one-to-one basis
with the number of LLC Interests of SSE Holdings they own. See “Glossary” and “Prospectus Summary.”

The last reported sale price of our
Class A Common Stock on June 7, 2018 was $63.94 per share.

Investing in our Class A Common
Stock involves risks. See “Risk Factors” beginning on page 2 of this prospectus and “Risk Factors” in
our 2017 10-K (as defined herein), which is incorporated by reference herein, as well as in any other subsequently filed
annual, quarterly or current reports.

Neither the Securities and Exchange Commission nor
any other regulatory body has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus.
Any representation to the contrary is a criminal offense.

The date of this prospectus is June
8, 2018.

TABLE OF CONTENTS

For investors outside the United States: We
have not and the selling stockholders have not done anything that would permit this offering or possession or distribution of this
prospectus in any jurisdiction where action for that purpose is required, other than in the United States. Persons outside the
United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to,
the offering of the shares of Class A Common Stock or other securities and the distribution of this prospectus outside the United States.

ABOUT THIS PROSPECTUS

This prospectus is part of a registration statement
on Form S-3 that we filed with the Securities and Exchange Commission, or the SEC, utilizing a “shelf” registration or
continuous offering process. Under this shelf registration process, we may, from time to time, sell any combination of securities
described in this prospectus in one or more offerings and the selling stockholders may sell up to 12,318,993 shares of Class A
Common Stock in one or more offerings.

This prospectus provides you with a general
description of the securities we or the selling stockholders may offer. Each time we or the selling stockholders sell securities,
pursuant to the registration statement of which this prospectus forms a part, we, or parties acting on our behalf, will provide
a prospectus supplement and/or free writing prospectus that will contain specific information about the terms of that offering
and the securities being sold in that offering. The applicable prospectus supplement or free writing prospectus may also add, update
or change information contained in this prospectus. If the information varies between this prospectus and the accompanying supplement
or free writing prospectus, you should rely on the information in the prospectus supplement or free writing prospectus.

You should rely only on the information contained
or incorporated by reference in this prospectus, any prospectus supplement and any free writing prospectus prepared by or on behalf
of us or to which we have referred you. We have not authorized anyone, including the selling stockholders, to provide you with
different information. If anyone provides you with different or inconsistent information, you should not rely on it. We take no
responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you.

Before purchasing any securities, you should
carefully read both this prospectus, any prospectus supplement and any free writing prospectus, together with the additional information
described under the heading “Incorporation by Reference.” You should assume that the information contained in this prospectus,
any prospectus supplement or any free writing prospectus is accurate only as of the date on its respective cover, and that any
information incorporated by reference is accurate only as of the date of the document incorporated by reference, unless we indicate
otherwise. Our business, financial condition, results of operations and prospects may have changed since those dates.

This prospectus contains summaries of certain
provisions contained in some of the documents described herein, but reference is made to the actual documents for complete information.
All of the summaries are qualified in their entirety by the actual documents. Copies of some of the documents referred to herein
have been filed, will be filed or will be incorporated by reference as exhibits to the registration statement of which this prospectus
is a part, and you may obtain copies of those documents as described below under the heading “Where You Can Find More Information.”
This prospectus and any applicable prospectus supplement or free writing prospectus do not constitute an offer to sell or the solicitation
of an offer to buy any securities other than the registered securities to which they relate. Neither we nor any selling stockholders
are making offers to sell any securities described in this prospectus in any jurisdiction in which an offer or solicitation is
not authorized or in which the person making such offer or solicitation is not qualified to do so or to anyone to whom it is unlawful
to make an offer or solicitation.

As used in this prospectus, unless the context
otherwise requires:

« nous,” “nous,” “notre,” the “Entreprise »
 « Shake Shack »
and other similar references refer to Shake Shack Inc., and, unless otherwise stated,
all of its subsidiaries, including SSE Holdings, LLC, which we refer to as “SSE Holdings,” and all of its
subsidiaries. We are a holding company with no direct operations, and our principal asset is our equity interest in SSE Holdings.
We also are the sole managing member of SSE Holdings.

« Original SSE Equity Owners«  refers to the owners of SSE Holdings prior
to our IPO (as defined below), including the members of the Voting Group (as defined below).

« Continuing SSE Equity Owners«  refers to those Original SSE Equity
                                                                     Owners (and their affiliate transferees) that continue to own LLC Interests (as defined below) as of the date of this
                                                                     prospectus and who may
                                                                     redeem their remaining LLC
                                                                     Interests for shares of our
                                                                     Class A Common Stock, including the Meyer Group (as defined below),
                                                                     certain affiliates of LGP (as defined below), and certain of our executive officers.

« Former SSE Equity Owners«  refers to those (i) Original SSE Equity Owners
who previously redeemed all of their LLC Interests for shares of our Class A Common Stock and (ii) affiliates of former members
of SSE Holdings, which, immediately after our IPO, we issued shares of our Class A Common Stock to as merger consideration upon
the acquisition by way of merger of these affiliates that were owned by such former members.

« IPO » refers to the Company’s IPO, which closed on February 4, 2015, of
5,750,000 shares of our Class A Common Stock at a public offering price of $21.00 per share.

« LLC Interests«  refers to the single class of common membership interests of SSE Holdings.

« selling stockholders” refers to the existing stockholders who may offer
or sell shares of Class A Common Stock pursuant to this prospectus, as identified in “Selling Stockholders,” comprised
of (i) the Continuing SSE Equity Owners who prior to the consummation of any offering or sale will redeem their LLC Interests for
shares of Class A Common Stock as described in the “Prospectus Summary—The Offering”, (ii) the Former SSE Equity
Owners, and (iii) any stockholders who received shares of Class A Common Stock as a result of the Reorganization of USC.

« Voting Group«  refers collectively to (i) Daniel Meyer, (ii) the
Daniel H. Meyer Investment Trust (the “Investment Trust”), (iii) the Daniel H. Meyer 2012 Gift Trust U/A/D 10/31/12
(the “Gift Trust”), of which Mr. Meyer’s spouse is a trustee and beneficiary, (ii) Gramercy Tavern
Corp., which is controlled by Mr. Meyer, which we refer to as “GT,” which, together with Mr. Meyer,
the Investment Trust and the Gift Trust, we refer to collectively as the “Meyer Group,” (iv) certain affiliates
of Leonard Green & Partners, L.P., which we refer to as “LGP,” and (v) certain other Original
SSE Equity Owners who are parties to the Stockholders Agreement, as amended, as described in “Certain Relationships and Related
Party Transactions, and Director Independence—Stockholders Agreement” in our Annual Report on Form 10-K for the fiscal
year ended December 27, 2017, filed with the SEC on February 26, 2018, incorporated by reference herein (the “2017 10-K”).
The Voting Group holds Class A Common Stock and Class B Common Stock representing in the aggregate a majority of the
combined voting power of our common stock.

TRADEMARKS

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prospectus and the documents incorporated by reference herein include our trademarks, trade names and service marks, such
as “Shake Shack®,” “ShackBurger®,” “
® »
 « 
 »
 “Shack-Cago Dog®,” “SmokeShack® »
 “ShackMeister®,” “Shack20® »
 “Pooch-ini®” and “Stand for Something Good®,” which are protected under
applicable intellectual property laws and are our property. This prospectus and the documents incorporated by reference
herein also contain trademarks, trade names and service marks of other companies, which are the property of their respective
owners. Solely for convenience, trademarks, trade names and service marks referred to in this prospectus and the documents
incorporated by reference herein may appear without the ®, ™ or SM symbols, but such
references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our
rights or the right of the applicable licensor to these trademarks, trade names and service marks. We do not intend our use
or display of other parties’ trademarks, trade names or service marks to imply, and such use or display should not be
construed to imply, a relationship with, or endorsement or sponsorship of us by, these other parties.

PROSPECTUS SUMMARY

This summary highlights selected information
contained elsewhere, or incorporated by reference, in this prospectus. This summary does not contain all of the information that
you should consider before deciding to invest in our Class A Common Stock or other securities. You carefully should read the entire prospectus,
any accompanying prospectus supplement and any related free writing prospectus, including the risks of investing in our securities
discussed under the heading “Risk Factors” contained herein and in any accompanying prospectus supplement and any related
free writing prospectus, and under a similar heading in other documents that are incorporated by reference into this prospectus.
You also should carefully read the information incorporated by reference into this prospectus, including our financial statements
and the exhibits to the registration statement of which this prospectus is a part.

OVERVIEW OF SHAKE SHACK

Shake
Shack is a modern day “roadside” burger stand serving a classic American menu of premium burgers, hot dogs, crispy chicken,
frozen custard, crinkle cut fries, shakes, beer, wine and more. Originally founded by Danny Meyer’s Union Square Hospitality Group
(« USHG”), which owns and operates some of New York City’s most acclaimed and popular restaurants—Union Square
Cafe, Gramercy Tavern, Blue Smoke, Jazz Standard, The Modern at the Museum of Modern Art, the Cafes at MOMA, Maialino, Untitled,
North End Grill, Porchlight, Marta, Cafe Machio, Vini E Fritti, Martina and Daily Provisions—Shake Shack originated as a
hot dog cart in 2001 to support the rejuvenation of New York City’s Madison Square Park through its Conservancy’s first art installation,
 “I
Oui Taxi.”
The hot dog cart was an instant success, with lines forming daily throughout the summer months for the next three years. En réponse,
the city’s Department of Parks and Recreation awarded Shake Shack a contract to create a kiosk to help fund the park’s future.
In 2004, Shake Shack officially opened and immediately became a community gathering place for New Yorkers and visitors from all
over the world and has since become a beloved New York City institution, garnering significant media attention, critical acclaim
and a passionately-devoted following. Since its inception, Shake Shack has grown rapidly—with 159 Shacks, as of December 27,
2017, in 11 countries and 20 states, as well as the District of Columbia—and we continue to expand outside our home market
bringing the Shake Shack experience to new customers around the world.

OUR CORPORATE INFORMATION

Shake Shack Inc. was incorporated as a
Delaware corporation on September 23, 2014. Our corporate headquarters are located at 225 Varick Street, Suite 301, New York,
New York 10014. Our telephone number is (646) 747-7200. Our principal website address is www.shakeshack.com. The information
on any of our websites is deemed not to be incorporated in this prospectus or to be part of this prospectus.

RISK FACTORS

You should carefully consider the risks described
below, together with all of the other information included or incorporated by reference in this prospectus, before making an investment
decision. In particular, you should consider the matters discussed under “Risk Factors” in our 2017 10-K incorporated
by reference herein, as well as other risk factors described under “Risk Factors” in any prospectus supplement and under
a similar heading in other documents that are incorporated by reference in this prospectus. Our business, financial condition and
results of operations could be materially and adversely affected by any of these risks or uncertainties. The risks and uncertainties
described or incorporated by reference in this prospectus are not the only risks and uncertainties that we face. Additional risks
and uncertainties not presently known to us or that we currently deem immaterial may also impair our business operations. If any
of those risks actually occur, our business, financial condition and results of operations may be adversely affected. In that case,
the trading price of our Class A Common Stock or other securities could decline, and you may lose all or part of your investment. The risks discussed
or incorporated by reference in this prospectus also include forward-looking statements, and our actual results may differ substantially
from those discussed in these forward-looking statements. See “Cautionary Note Regarding Forward-Looking Statements”
in this prospectus.

The market price of our common stock has
been and may continue to be volatile or may decline regardless of our operating performance.

The market price for our common stock has been
and may continue to be volatile. In addition, the market price of our common stock may fluctuate significantly in response to a
number of factors, most of which we cannot control, including:

low same-Shack sales growth compared to market expectations;

delays in the planned openings of new Shacks;

temporary or prolonged Shack closures;

quarterly variations in our operating results compared to market expectations;

changes in preferences of our guests;

adverse publicity about us, the industries we participate in or individual scandals;

announcements of new offerings or significant price reductions by us or our competitors;

stock price performance of our competitors;

substantial future sales of our Class A Common Stock;

changes in the price and availability of food commodities, particularly beef and dairy;

fluctuations in stock market prices and volumes;

actions by competitors;

changes in senior management or key personnel;

changes in financial estimates by securities analysts;

negative earnings or other announcements by us or other restaurant companies;

downgrades in our credit ratings or the credit ratings of our competitors;

incurrence of indebtedness or issuances of capital stock;

global economic, legal and regulatory factors unrelated to our performance; et

the other factors listed in the “Risk Factors” section of our 2017 10-K or under a similar
heading in other documents incorporated by reference in this prospectus.

Volatility in the market price of our common
stock may cause investors to suffer a loss on their investment.

In addition, stock markets have experienced
extreme price and volume fluctuations that have affected and continue to affect the market prices of equity securities of many
companies in our industry. In the past, stockholders have instituted securities class action litigation following periods of market
volatility. If we were involved in securities litigation, we could incur substantial costs and our resources and the attention
of management could be diverted from our business.

Sale of our Class A Common Stock by existing
stockholders, or the perception that these sales may occur, especially by directors, executive officers or significant stockholders
of Shake Shack, may cause our stock price to decline.

If our existing stockholders, in
particular our directors, executive officers or other affiliates, sell substantial amounts of our Class A Common Stock
in the public market, or are perceived by the public market as intending to sell, the trading price of our Class A
Common Stock could decline. In addition, sales of these shares of Class A Common Stock could impair our ability to raise
capital, should we wish to do so. Up to 12,318,993 shares of our Class A Common Stock may be sold pursuant to this
prospectus by the selling stockholders, which represents approximately 44.3% of our outstanding Class A Common Stock as of
May 24, 2018. We cannot predict the timing or amount of future sales of our Class A Common Stock by selling stockholders
named in this prospectus, but such sales, or the perception that such sales could occur, may adversely affect prevailing
market prices for our Class A Common Stock.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS

This prospectus and the documents incorporated
by reference herein contain forward-looking statements. All statements other than statements of historical facts contained or incorporated
by reference in this prospectus may be forward-looking statements. Statements regarding our future results of operations and financial
position, business strategy, outlook and plans and objectives of management for future operations, including, among others, statements
regarding expected new Shack openings, expected same-Shack sales growth, future capital expenditures and debt service obligations,
are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,”
 “will,” “should,” “expects,” “plans,” “anticipates,” “could,”
 “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,”
 “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions.

Forward-looking statements involve known and
unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially
different from any future results, performance or achievements expressed or implied by the forward-looking statements. We believe
that these factors include, but are not limited to, the following:

our inability to successfully identify and secure appropriate sites and timely develop and expand our operations;

our inability to protect our brand and reputation;

our failure to prevent food safety and food-borne illness incidents;

shortages or interruptions in the supply or delivery of food products;

our inability to maintain our international supply chain;

our dependence on a small number of suppliers and a single distribution company for the majority
of our domestic distribution needs;

our inability to protect against security breaches of confidential guest information;

competition from other restaurants;

changes in consumer tastes and nutritional and dietary trends;

our inability to manage our growth;

our inability to open profitable Shacks;

our failure to generate projected same-Shack sales growth;

our inability to maintain sufficient levels of cash flow, or access to capital, to meet growth expectations;

our dependence on long-term non-cancelable leases;

our failure to meet the operational and financial performance guidance we provide to the public;

our dependence on key members of our executive management team;

our inability to identify or employ qualified individuals for our workforce;

labor relations difficulties;

our vulnerability to increased food commodity and energy costs;

our vulnerability to health care costs and labor costs;

our vulnerability to global financial market conditions;

our sale of alcoholic beverages;

our dependence on a limited number of licensees;

our inability to maintain good relationships with our licensees;

violations of the U.S. Foreign Corrupt Practices Act and similar worldwide anti-bribery and anti-kickback laws;

our ability to adequately protect our intellectual property;

our business model being susceptible to litigation;

failure to obtain and maintain required licenses and permits to comply with alcoholic beverage or food control regulations;

our vulnerability to adverse weather conditions in local or regional areas where our Shacks are located;

our realization of any benefit from the tax receivable agreement entered into with the Continuing
SSE Equity Owners and our organizational structure; et

the Voting Group’s control of us.

You should not rely upon forward-looking statements
as predictions of future events. We have based the forward-looking statements contained or incorporated by reference into this
prospectus primarily on current expectations and projections about future events and trends that we believe may affect our business,
financial condition, results of operations and prospects. The outcome of the matters described in these forward-looking statements
is subject to risks, uncertainties and other factors described above and in the section of this prospectus and any accompanying
prospectus supplement entitled “Risk Factors” and under a similar heading in documents incorporated by reference into
this prospectus. Moreover, new risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks
and uncertainties that could have an impact on the forward-looking statements contained or incorporated by reference into this
prospectus. We cannot assure you that the results, events and circumstances reflected in the forward-looking statements will be
achieved or occur and actual results, events or circumstances could differ materially from those described in the forward-looking
statements.

The forward-looking statements included or incorporated
by reference in this prospectus (including, without limitation, the 2018 outlook included in our 10-Q for the quarterly period
ended March 28, 2018, filed with the SEC on May 7, 2018) speak only as of the date made. Except as required by applicable law,
we do not plan to publicly update or revise any forward-looking statements, whether as a result of any new information, future
events or otherwise.

USE OF PROCEEDS

We will retain broad discretion over the use
of the net proceeds from the sale of the securities by us. Unless otherwise specified in any prospectus supplement, we intend to
use the net proceeds from the sale of our securities by us offered by this prospectus for general corporate purposes or the repayment
of indebtedness. The net proceeds may be invested temporarily until they are used for their stated purpose
or for general corporate purposes.

We will not receive any proceeds from the sale
of Class A Common Stock from time to time by the selling stockholders of any of the shares of Class A Common Stock offered pursuant
to this prospectus. The selling stockholders will receive all of the net proceeds from any such offer and sale.

REDEMPTIONS OR EXCHANGES OF LLC INTERESTS
FOR CLASS A COMMON STOCK

Out of the 12,318,993 shares of Class A Common
Stock that may be sold hereby, an aggregate of 9,170,236 shares of Class A Common Stock are issuable by us upon the redemptions
by the Continuing SSE Equity Owners of an equivalent number of currently outstanding LLC Interests (and the surrender and cancellation
of an equivalent number of shares of Class B Common Stock).

The Continuing SSE Equity Owners,
from time to time, pursuant to the SSE Holdings LLC Agreement, as amended, may require SSE Holdings to redeem all or a
portion of their LLC Interests for newly-issued shares of Class A Common Stock, which Shake Shack would contribute to SSE
Holdings on a one-for-one basis. Shake Shack may, at its election, instead settle any redemption request by making a cash
payment in accordance with the terms of the LLC Agreement. Share settlement will be the default payment unless and until a
majority of the members of our Board of Directors who do not hold any LLC Interests elect cash settlement. In the event of
cash settlement, Shake Shack would issue new shares of Class A Common Stock and use the proceeds from the sale of
these newly-issued shares of Class A Common Stock to fund the cash settlement, which, in effect, limits the amount of the
cash payment to the redeeming member. If we decide to make a cash payment, a Continuing SSE Equity Owner has the option to
rescind its redemption request within a specified time period.

Each of the currently outstanding LLC Interests
described above is paired with one share of our Class B Common Stock that will be surrendered and cancelled in connection with
the redemption of such LLC Interests and the issuance of an equivalent number of shares of Class A Common Stock.

Shake Shack may, at its election, effect direct
exchanges of LLC Interests with the Continuing SSE Equity Owners, rather than a redemption of LLC Interests by SSE Holdings, for
either shares of Class A Common Stock or a cash payment.

When Continuing SSE Equity Owners redeem, or
exchange, LLC Interests for shares of Class A Common Stock, Shake Shack receives an equivalent amount of LLC Interests, increasing
its total ownership interest in SSE Holdings.

RATIO OF EARNINGS TO FIXED CHARGES

The following table sets forth our historical ratio of earnings to
fixed charges for each of the periods indicated.

For purposes of calculating these ratios: (i)
 “earnings” consist of the sum of: (x) pre-tax income from continuing operations before income or loss from equity investees
and (y) fixed charges, excluding capitalized interest; and (ii) “fixed charges” consist of the sum of interest expense,
capitalized interest, amortization of debt discount and premium and a portion of lease payments considered to represent an interest
facteur.

Treize
weeks
ended
Years Ended
March 28,
2018
December 27,
2017
December 28,
2016
December 30,
2015
Le 31 décembre,
2014
December 25,
2013
Ratio of earnings to fixed charges 3.42 X 24.55 X 5.80 X * 2.37 X 6.09 X

* Earnings for fiscal year ended December
30, 2015 were inadequate to cover fixed charges by $5,580. This was primarily driven by certain non-recurring expenses
incurred in connection with the Company’s IPO.

La description
of Debt Securities

We may offer unsecured general obligations,
which we refer to as the “debt securities” in this section. The debt securities will be issued from time to time under
an indenture and applicable supplemental indenture, if any, with respect to any series of debt securities, between us and a trustee.
The indenture and any supplemental indenture are technical documents with terms that have defined meanings. A prospectus supplement
will contain a summary of the indenture and any applicable supplemental indenture. We urge you to read the indenture, any applicable
supplemental indenture and the accompanying prospectus supplement describing the particular terms of the debt securities because
they, and not this description, define the rights of the debt security holders. A form of indenture is filed as an exhibit to the
registration statement of which this prospectus forms a part.

Général

The following briefly summarizes the material
provisions of the form of indenture and the debt securities, other than pricing and related terms for a particular issuance, which
will be described in an accompanying prospectus supplement.

A form of each debt security, reflecting the
particular terms and provisions of a series of offered debt securities, as well as the indenture and supplemental indenture, if
any, will be filed with the SEC at the time of the offering.

Brief Description of the Debt Securities

The debt securities will represent unsecured general obligations
of the Company, unless otherwise provided in the prospectus supplement. As indicated in the applicable prospectus supplement, the
debt securities will either be senior debt or subordinated debt as described in the applicable prospectus supplement.

We will pay principal and interest on the debt
securities at our office or agency, which we maintain in New York City. At our option, we may make payments of interest by check
mailed to the debt security holders at their respective addresses as set forth in the register of debt securities. All payments
with respect to global debt securities, however, will be made by wire transfer of immediately available funds to the accounts specified
by the holders of the global debt securities. Until otherwise designated by us, our office or agency in New York City will be the
office of the trustee or an affiliate thereof maintained for payment purposes.

Information in the Prospectus Supplement

The prospectus supplement for any offered series of debt securities
will describe the following terms, as applicable:

any limit on the aggregate principal amount;

the percentage of the principal amount at which the debt securities will be sold and, if applicable, the method of determining the price;

the maturity date or dates;

the rate at which the debt securities will bear interest, if any, and the interest payment dates;

if the debt securities are original issue discount debt securities, the yield to maturity;

the date or dates from which any interest will accrue, or how such date or dates will be determined, and the interest payment dates and any related record dates;

any provisions for the payment of additional amounts for taxes;

the denominations in which the currency or currency unit of the debt securities will be issuable if other than denominations of $2,000 and integral multiples of $1,000 in excess thereof;

the terms and conditions on which we may optionally redeem the debt securities;

the terms and conditions on which we may be required to redeem the debt securities;

any obligation for us to redeem, purchase or repay the debt securities at the option of a holder upon the happening of an event other than a change of control and certain sales of assets, which are specified in the indenture, and the terms and conditions of redemption, purchase or repayment;

the names and duties of any co-trustees, depositaries, authenticating agents, calculation agents, paying agents, transfer agents or registrars for the debt securities;

any changes in or additions to the covenants applicable to the particular debt securities being issued;

any additions to or changes in the events of default with respect to the securities and any change in the right of the trustee or the holders to declare the principal and interest, if any, with respect to such securities to be due and payable;

any material provisions of the applicable indenture described in this prospectus that do not apply to the debt securities;

any other terms of the debt securities, which may modify, supplement or delete any provision of the indenture as it applies to that series; et

any other specific terms of the debt securities.

We will issue the debt securities only in registered
forme. As currently anticipated, debt securities of a series will trade in book-entry form, and global notes will be issued in physical
(paper) form. Unless otherwise provided in the accompanying prospectus supplement, we will issue debt securities denominated in
U.S. Dollars and only in denominations of $2,000 and integral multiples of $1,000 in excess thereof.

DESCRIPTION OF CAPITAL STOCK

The following descriptions of our capital stock
and provisions of our amended and restated certificate of incorporation and our bylaws are summaries and are qualified by reference
to the amended and restated certificate of incorporation and the bylaws, which are filed as exhibits to the registration statement
of which this prospectus forms a part.

Our authorized capital stock consists of 200,000,000
shares of Class A Common Stock, par value $0.001 per share, 35,000,000 shares of Class B Common Stock, par value $0.001 per share,
and 10,000,000 shares of blank check preferred stock.

Common Stock

As of May 24, 2018, there are 27,811,480 shares
of our Class A Common Stock issued and outstanding and 9,170,236 shares of our Class B Common Stock issued and outstanding.

Class A Common Stock

Voting Rights

Holders of our Class A Common Stock are entitled
to cast one vote per share. Holders of our Class A Common Stock are not entitled to cumulate their votes in the election of directors.
Generally, matters to be voted on by stockholders must be approved by a majority of the votes entitled to be cast by all stockholders present in person or represented by proxy, voting together
as a single class. Except as otherwise provided by law, amendments to the amended and restated certificate of incorporation must
be approved by a majority or, in some cases, a super-majority of the combined voting power of all shares entitled to vote, voting
together as a single class. However, directors are elected by a plurality of the votes actually cast by stockholders in person or by proxy, voting together as a single class.

Dividend Rights

Holders of Class A Common Stock share ratably
(based on the number of shares of Class A Common Stock held) if and when any dividend is declared by the board of directors out
of funds legally available therefor, subject to any statutory or contractual restrictions on the payment of dividends and to any
restrictions on the payment of dividends imposed by the terms of any outstanding preferred stock.

Liquidation Rights

On our liquidation, dissolution or winding up,
each holder of Class A Common Stock will be entitled to a pro rata distribution of any assets available for distribution to common
stockholders.

Other Matters

Shares of Class A Common Stock are not subject
to redemption and do not have preemptive rights to purchase additional shares of Class A Common Stock. Holders of shares of our
Class A Common Stock do not have subscription, redemption or conversion rights. There are no redemption or sinking fund provisions
applicable to the Class A Common Stock. All the outstanding shares of Class A Common Stock are validly issued, fully paid and non-assessable.

Class B Common Stock

Issuance of Class B Common Stock with LLC Interests

Shares of Class B Common Stock will only be
issued in the future to the extent necessary to maintain a one-to-one ratio between the number of LLC Interests held by the Continuing
SSE Equity Owners and the number of shares of Class B Common Stock held by the Continuing SSE Equity Owners. Shares of Class B
Common Stock are transferable only together with an equal number of LLC Interests. Shares of Class B Common Stock will be cancelled
on a one-for-one basis if there is a redemption, or exchange, of LLC Interests of such Continuing SSE Equity Owners pursuant to
the terms of the SSE Holdings LLC Agreement.

Voting Rights

Holders of Class B Common Stock are entitled
to cast one vote per share, with the number of shares of Class B Common Stock held by each Continuing SSE Equity Owner being equivalent
to the number of LLC Interests held by such Continuing SSE Equity Owner. Holders of our Class B Common Stock are not entitled to
cumulate their votes in the election of directors.

Generally, all matters to be voted on by stockholders
must be approved by a majority (or, in the case of election of directors, by a plurality) of the votes entitled to be cast by all
stockholders present in person or represented by proxy, voting together as a single class. Except as otherwise provided by law,
amendments to the amended and restated certificate of incorporation must be approved by a majority or, in some cases, a super-majority
of the combined voting power of all shares entitled to vote, voting together as a single class. However, directors are elected by a plurality of the votes actually cost by stockholders in person or by proxy, voting together as a single class.

Dividend Rights

Holders of our Class B Common Stock do not participate
in any dividend declared by the board of directors.

Liquidation Rights

On our liquidation, dissolution or winding up,
holders of Class B Common Stock will not be entitled to receive any distribution of our assets.

Transferts

Pursuant to our amended and restated certificate
of incorporation and the SSE Holdings LLC Agreement, each holder of Class B Common Stock agrees that:

· the holder will not transfer any shares
of Class B Common Stock to any person unless the holder transfers an equal number of LLC Interests to the same person; et

· in the event the holder transfers any LLC
Interests to any person, the holder will transfer an equal number of shares of Class B Common Stock to the same person.

Other Matters

Shares of Class B Common Stock are not subject
to redemption rights and do not have preemptive rights to purchase additional shares of Class B Common Stock. Holders of shares
of our Class B Common Stock do not have subscription, redemption or conversion rights. There are no redemption or sinking fund
provisions applicable to the Class B Common Stock. All outstanding shares of Class B Common Stock are validly issued, fully paid
and non-assessable.

Preferred Stock

Our amended and restated certificate of incorporation
provides that our board of directors has the authority, without action by the stockholders, to designate and issue up to 10,000,000
shares of preferred stock in one or more classes or series and to fix the powers, rights, preferences, and privileges of each class
or series of preferred stock, including dividend rights, conversion rights, voting rights, terms of redemption, liquidation preferences
and the number of shares constituting any class or series, which may be greater than the rights of the holders of the common stock.
There are no shares of preferred stock outstanding.

The purpose of authorizing our board of directors
to issue preferred stock and determine its rights and preferences is to eliminate delays associated with a stockholder vote on
specific issuances. The issuance of preferred stock, while providing flexibility in connection with possible acquisitions, future
financings and other corporate purposes, could have the effect of making it more difficult for a third party to acquire, or could
discourage a third party from seeking to acquire, a majority of our outstanding voting stock. Additionally, the issuance of preferred
stock may adversely affect the holders of our Class A Common Stock by restricting dividends on the Class A Common Stock, diluting
the voting power of the Class A Common Stock or subordinating the liquidation rights of the Class A Common Stock. As a result of
these or other factors, the issuance of preferred stock could have an adverse impact on the market price of our Class A Common
Stock.

Exclusive Venue

Our amended and restated certificate of incorporation
requires, to the fullest extent permitted by law, that (i) any derivative action or proceeding brought on our behalf, (ii) any
action asserting a claim of breach of a fiduciary duty owed by any of our directors, officers or other employees to us or our stockholders,
(iii) any action asserting a claim against us arising pursuant to any provision of the General Corporation Law of the State of
Delaware (“DGCL”) or our amended and restated certificate of incorporation or the bylaws or (iv) any action asserting
a claim against us governed by the internal affairs doctrine will have to be brought only in the Court of Chancery in the State
of Delaware. Although we believe this provision benefits us by providing increased consistency in the application of Delaware law
in the types of lawsuits to which it applies, the provision may have the effect of discouraging lawsuits against our directors
and officers.

Anti-takeover Effects of Provisions of our Amended and Restated
Certificate of Incorporation, our Bylaws and Delaware Law

Our certificate of incorporation and bylaws
also contain provisions that may delay, defer or discourage another party from acquiring control of us. We believe that these provisions,
which are summarized below, discourage coercive takeover practices or inadequate takeover bids. These provisions are also designed
to encourage persons seeking to acquire control of us to first negotiate with our board of directors, which we believe may result
in an improvement of the terms of any such acquisition in favor of our stockholders. However, they also give our board of directors
the power to discourage acquisitions that some stockholders may favor.

Classified Board of Directors

Our amended and restated certificate of incorporation
provides that our board of directors is divided into three classes, with the classes as nearly equal in number as possible and
each class serving three-year staggered terms. Pursuant to the terms of the Stockholders Agreement, directors designated by the
Meyer Group or LGP may only be removed with or without cause by the request of the party entitled to designate such director. Dans
all other cases and at any other time, directors may only be removed from our board of directors for cause by the affirmative vote
of at least a majority of the confirmed voting power of our Class A Common Stock and Class B Common Stock. These provisions may
have the effect of deferring, delaying or discouraging hostile takeovers, or changes in control of us or our management.

Authorized but Unissued Shares

The authorized but unissued shares of common
stock and preferred stock are available for future issuance without stockholder approval, subject to any limitations imposed by
the listing standards of the NYSE. These additional shares may be used for a variety of corporate finance transactions, acquisitions
and employee benefit plans. The existence of authorized but unissued and unreserved common stock and preferred stock could make
more difficult or discourage an attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise.

Requirements for Advance Notification of Stockholder Meetings,
Nominations and Proposals

Our amended and restated certificate of incorporation
provides that stockholders at an annual meeting may only consider proposals or nominations specified in the notice of meeting or
brought before the meeting by or at the direction of our board of directors or by a qualified stockholder of record on the record
date for the meeting, who is entitled to vote at the meeting and who has delivered timely written notice in proper form to our
secretary of the stockholder’s intention to bring such business before the meeting. Our amended and restated certificate
of incorporation provides that, subject to applicable law, special meetings of the stockholders may be called only by a resolution
adopted by the affirmative vote of the majority of the directors then in office. Our bylaws prohibit the conduct of any business
at a special meeting other than as specified in the notice for such meeting. In addition, any stockholder who wishes to bring business
before an annual meeting or nominate directors must comply with the advance notice and duration of ownership requirements set forth
in our bylaws and provide us with certain information. These provisions may have the effect of deferring, delaying or discouraging
hostile takeovers or changes in control of us or our management.

Stockholder Action by Written Consent

Pursuant to Section 228 of the DGCL, any action
required to be taken at any annual or special meeting of the stockholders may be taken without a meeting, without prior notice
and without a vote if a consent or consents in writing, setting forth the action so taken, is signed by the holders of outstanding
stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at
which all shares of our stock entitled to vote thereon were present and voted, unless our amended and restated certificate of incorporation
provides otherwise. Our amended and restated certificate of incorporation provides that stockholder action by written consent is
permitted only if the action to be effected by such written consent and the taking of such action by such written consent have
been previously approved by the board of directors.

Amendment of Amended and Restated Certificate of Incorporation
or Bylaws

The DGCL provides generally that the affirmative
vote of a majority of the shares entitled to vote on any matter is required to amend a corporation’s certificate of incorporation
or bylaws, unless a corporation’s certificate of incorporation or bylaws, as the case may be, requires a greater percentage.
Our bylaws may be amended or repealed by a majority vote of our board of directors or by the affirmative vote of the holders of
at least 66-2⁄3% of the votes which all our stockholders would be entitled to cast in any annual election of directors. Dans
addition, the affirmative vote of the holders of at least 66-2⁄3% of the votes which all our stockholders would be entitled
to cast in any election of directors is required to amend or repeal or to adopt any provisions inconsistent with any of the provisions
of our certificate described above.

The foregoing provisions of our amended and
restated certificate of incorporation and bylaws could discourage potential acquisition proposals and could delay or prevent a
change in control. These provisions are intended to enhance the likelihood of continuity and stability in the composition of our
board of directors and in the policies formulated by our board of directors and to discourage certain types of transactions that
may involve an actual or threatened change of control. These provisions are designed to reduce our vulnerability to an unsolicited
acquisition proposal. The provisions also are intended to discourage certain tactics that may be used in proxy fights. cependant,
such provisions could have the effect of discouraging others from making tender offers for our shares and, as a consequence, they
also may inhibit fluctuations in the market price of our shares of Class A Common Stock that could result from actual or rumored
takeover attempts. Such provisions also may have the effect of preventing changes in our management or delaying or preventing a
transaction that might benefit you or other minority stockholders.

In addition, we are subject to Section 203 of
the DGCL. Subject to certain exceptions, Section 203 prevents a publicly held Delaware corporation from engaging in a ’‘business
combination’’ with any ’‘interested stockholder’’ for three years following the date that the
person became an interested stockholder, unless the interested stockholder attained such status with the approval of our board
of directors or unless the business combination is approved in a prescribed manner. A ’‘business combination’’
includes, among other things, a merger or consolidation involving us and the ’‘interested stockholder’’
and the sale of more than 10% of our assets. In general, an ’‘interested stockholder’’ is any entity or
person beneficially owning 15% or more of our outstanding voting stock and any entity or person affiliated with or controlling
or controlled by such entity or person.

Limitations on Liability and Indemnification of Officers and Directors

Our amended and restated certificate
of incorporation and bylaws provide indemnification for our directors and officers to the fullest extent permitted by the
DGCL. We have entered into indemnification agreements with each of our directors that are, in some
cases, broader than the specific indemnification provisions contained under Delaware law. In addition, as permitted by
Delaware law, our amended and restated certificate of incorporation includes provisions that eliminate the personal liability
of our directors for monetary damages resulting from breaches of certain fiduciary duties as a director. L’effet de
these provisions is to restrict our rights and the rights of our stockholders in derivative suits to recover monetary
damages against a director for breach of fiduciary duties as a director, except that a director will be personally liable
for:

any breach of his duty of loyalty to us or our stockholders;

acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law;

any transaction from which the director derived an improper personal benefit; ou

improper distributions to stockholders.

These indemnification provisions may be
held not to be enforceable for violations of the federal securities laws of the United States.

Corporate Opportunities

In recognition that partners, principals, directors,
officers, members, managers and/or employees of the Original SSE Equity Owners and their affiliates and investment funds, which
we refer to as the Corporate Opportunity Entities, may serve as our directors and/or officers, and that the Corporate Opportunity
Entities may engage in activities or lines of business similar to those in which we engage, our amended and restated certificate
of incorporation provides for the allocation of certain corporate opportunities between us and the Corporate Opportunity Entities.
Specifically, none of the Corporate Opportunity Entities has any duty to refrain from engaging, directly or indirectly, in the
same or similar business activities or lines of business that we do. In the event that any Corporate Opportunity Entity acquires
knowledge of a potential transaction or matter which may be a corporate opportunity for itself and us, we will not have any expectancy
in such corporate opportunity, and the Corporate Opportunity Entity will not have any duty to communicate or offer such corporate
opportunity to us and may pursue or acquire such corporate opportunity for itself or direct such opportunity to another person.
In addition, if a director of our Company who is also a partner, principal, director, officer, member, manager or employee of any
Corporate Opportunity Entity acquires knowledge of a potential transaction or matter which may be a corporate opportunity for us
and a Corporate Opportunity Entity, we will not have any expectancy in such corporate opportunity. In the event that any other
director of ours acquires knowledge of a potential transaction or matter which may be a corporate opportunity for us we will not
have any expectancy in such corporate opportunity unless such potential transaction or matter was presented to such director expressly
in his or her capacity as such.

By becoming a stockholder in our Company, you
will be deemed to have notice of and consented to these provisions of our amended and restated certificate of incorporation. Tout
amendment to the foregoing provisions of our amended and restated certificate of incorporation requires the affirmative vote of
at least 66-2⁄3% of the votes which all our stockholders would be entitled to cast in any annual election of directors.

Dissenters’ Rights of Appraisal and Payment

Under the DGCL, with certain exceptions, our
stockholders will have appraisal rights in connection with a merger or consolidation of Shake Shack. Pursuant to the DGCL, stockholders
who properly request and perfect appraisal rights in connection with such merger or consolidation will have the right to receive
payment of the fair value of their shares as determined by the Delaware Court of Chancery.

Stockholders’ Derivative Actions

Under the DGCL, any of our stockholders may
bring an action in our name to procure a judgment in our favor, also known as a derivative action, provided that the stockholder
bringing the action is a holder of our shares at the time of the transaction to which the action relates or such stockholder’s
stock thereafter devolved by operation of law and such suit is brought in the Court of Chancery in the State of Delaware. See “—Exclusive
Venue’’ above.

Stockholders Agreement

The Company has entered
into the Stockholders Agreement with the Voting Group pursuant to which the Voting Group has specified board representation rights,
governance rights and other rights. See ’‘Certain Relationships and Related Party Transactions, and Director Independence—Stockholders
Agreement” in our 2017 10-K.

Registration Rights Agreement

The Company has entered
into the Registration Rights Agreement with the Original SSE Equity Owners pursuant to which the Original SSE Equity Owners have
specified rights to require the Company to register all or any portion of their shares under the Securities Act. See ’‘Certain
Relationships and Related Party Transactions, and Director Independence—Registration Rights Agreement” in our 2017 10-K.

Transfer Agent and Registrar

The transfer agent and registrar for our Class
A Common Stock is American Stock Transfer & Trust Company, LLC.

The New York Stock Exchange

Our Class A Common Stock is listed on the NYSE
under the symbol “SHAK.”

La description
of Warrants

This section describes the general terms of
the warrants that we may offer and sell by this prospectus. This prospectus and any accompanying prospectus supplement will contain
the material terms and conditions for each warrant. The accompanying prospectus supplement may add, update or change the terms
and conditions of the warrants as described in this prospectus.

Général

We may issue warrants to purchase debt securities,
preferred stock, common stock, depositary shares or units. Warrants may be issued independently or together with any securities
and may be attached to or separate from those securities. The warrants will be issued under warrant agreements to be entered into
between us and a bank or trust company, as warrant agent, all of which will be described in the prospectus supplement relating
to the warrants we are offering. The warrant agent will act solely as our agent in connection with the warrants and will not have
any obligation or relationship of agency or trust for or with any holders or beneficial owners of warrants.

Brief Description of the Debt Warrants

We may issue warrants for the purchase of our
debt securities. As explained below, each debt warrant will entitle its holder to purchase debt securities at the exercise price
set forth in, or to be determinable as set forth in, the related prospectus supplement. Debt warrants may be issued separately
or together with debt securities.

The debt warrants are to be issued under debt
warrant agreements to be entered into between us, and one or more banks or trust companies, as debt warrant agent, as will be set
forth in the prospectus supplement relating to the debt warrants being offered by the prospectus supplement and this prospectus.

The particular terms of each issue of debt warrants,
the debt warrant agreement relating to the debt warrants and the debt warrant certificates representing debt warrants will be described
in the applicable prospectus supplement, including, as applicable:

· the title of the debt warrants;

· the initial offering price;

· the title, aggregate principal amount and terms of the debt securities
purchasable upon exercise of the debt warrants;

· the currency or currency units in which the offering price, if any,
and the exercise price are payable;

· the title and terms of any related debt securities with which the debt
warrants are issued and the number of the debt warrants issued with each debt security;

· the date, if any, on and after which the debt warrants and the related
debt securities will be separately transferable;

· the principal amount of debt securities purchasable upon exercise of
each debt warrant and the price at which that principal amount of debt securities may be purchased upon exercise of each debt warrant;

· if applicable, the minimum or maximum number of debt warrants that
may be exercised at any one time;

· the date on which the right to exercise the debt warrants will commence
and the date on which the right will expire;

· if applicable, a discussion of United States federal income tax, accounting
or other considerations applicable to the debt warrants;

· whether the debt warrants represented by the debt warrant certificates
will be issued in registered or bearer form, and, if registered, where they may be transferred and registered;

· anti-dilution provisions of the debt warrants, if any;

· redemption or call provisions, if any, applicable to the debt warrants;

· any additional terms of the debt warrants, including terms, procedures
and limitations relating to the exchange and exercise of the debt warrants; et

Debt warrant certificates will be exchangeable
for new debt warrant certificates of different denominations and, if in registered form, may be presented for registration of transfer,
and debt warrants may be exercised at the corporate trust office of the debt warrant agent or any other office indicated in the
related prospectus supplement.

Before the exercise of debt warrants, holders
of debt warrants will not be entitled to payments of principal of, premium, if any, or interest, if any, on the debt securities
purchasable upon exercise of the debt warrants, or to enforce any of the covenants in the indenture.

Brief Description of the Equity Warrants

We may issue warrants for the purchase of our
equity securities, such as our preferred stock, common stock, depositary shares or units. As explained below, each equity warrant
will entitle its holder to purchase equity securities at an exercise price set forth in, or to be determinable as set forth in,
the related prospectus supplement. Equity warrants may be issued separately or together with equity securities.

The equity warrants are to be issued under equity
warrant agreements to be entered into between us and one or more banks or trust companies, as equity warrant agent, as will be
set forth in the prospectus supplement relating to the equity warrants being offered by the prospectus supplement and this prospectus.

The particular terms of each issue of equity
warrants, the equity warrant agreement relating to the equity warrants and the equity warrant certificates representing equity
warrants will be described in the applicable prospectus supplement, including, as applicable:

· the title of the equity warrants;

· the initial offering price;

· the aggregate number of equity warrants and the aggregate number of
shares of the equity security purchasable upon exercise of the equity warrants;

· the currency or currency units in which the offering price, if any,
and the exercise price are payable;

· if applicable, the designation and terms of the equity securities with
which the equity warrants are issued, and the number of equity warrants issued with each equity security;

· the date, if any, on and after which the equity warrants and the related
equity security will be separately transferable;

· if applicable, the minimum or maximum number of the equity warrants
that may be exercised at any one time;

· the date on which the right to exercise the equity warrants will commence
and the date on which the right will expire;

· if applicable, a discussion of United States federal income tax, accounting
or other considerations applicable to the equity warrants;

· anti-dilution provisions of the equity warrants, if any;

· redemption or call provisions, if any, applicable to the equity warrants;

· any additional terms of the equity warrants, including terms, procedures
and limitations relating to the exchange and exercise of the equity warrants; et

Holders of equity warrants will not be entitled,
solely by virtue of being holders, to vote, to consent, to receive dividends, to receive notice as shareholders with respect to
any meeting of shareholders for the election of directors or any other matter, or to exercise any rights whatsoever as a holder
of the equity securities purchasable upon exercise of the equity warrants.

La description
of depositary shares

This section describes the general terms of
the depositary shares we may offer and sell by this prospectus. This prospectus and any accompanying prospectus supplement will
contain the material terms and conditions for the depositary shares. The accompanying prospectus supplement may add, update, or
change the terms and conditions of the depositary shares as described in this prospectus.

Général

We may, at our option, elect to offer fractional
or multiple shares of preferred stock, rather than single shares of preferred stock (to be set forth in the prospectus supplement
relating to a particular series of preferred stock). In the event we elect to do so, depositary receipts evidencing depositary
shares will be issued.

The shares of any class or series of preferred
stock represented by depositary shares will be deposited under a deposit agreement among us, a depositary selected by us, and the
holders of the depositary receipts. The depositary will be a bank or trust company having its principal office in the United States
and having a combined capital and surplus of at least $50 million. Subject to the terms of the deposit agreement, each owner of
a depositary share will be entitled, in proportion to the applicable fraction of a share of preferred stock represented by such
depositary share, to all the rights and preferences of the shares of preferred stock represented by the depositary share, including
dividend, voting, redemption and liquidation rights.

The depositary shares will be evidenced by depositary
receipts issued pursuant to the deposit agreement. Depositary receipts will be distributed to those persons purchasing the fractional
shares of the related class or series of preferred shares in accordance with the terms of the offering described in the related
prospectus supplement.

La description
of rights

This section describes the general terms of
the rights that we may offer and sell by this prospectus. This prospectus and any accompanying prospectus supplement will contain
the material terms and conditions for each right. The accompanying prospectus supplement may add, update or change the terms and
conditions of the rights as described in this prospectus. While the features we have summarized below will generally apply to any applicable security we may offer under this prospectus, we will describe the particular terms of any applicable security that we may offer in more detail in the applicable prospectus supplement. The specific terms of any applicable securities may differ from the description provided below as a result of negotiations with third parties in connection with the issuance of those applicable securities as well as for other reasons. Therefore, you should rely solely on information in the applicable prospectus supplement if that summary is different from the summary in this prospectus.

The particular terms of each issue of rights,
the rights agreement relating to the rights and the rights certificates representing rights will be described in the applicable
prospectus supplement, including, as applicable:

· the title of the rights;

· the date of determining the stockholders
entitled to the rights distribution;

· the aggregate number of shares of
common stock or preferred stock or other debt securities purchasable upon exercise of the rights;

· the aggregate number of rights issued;

· the date, if any, on and after which the
rights will be separately transferable;

· the date on which the right to exercise
the rights will commence and the date on which the right will expire; et

· any other terms of the rights, including
terms, procedures and limitations relating to the distribution, exchange and exercise of the rights.

Exercise of Rights

Each right will entitle the holder
of rights to purchase for cash the number of shares of common stock or preferred stock or other debt securities at the
exercise price provided in the applicable prospectus supplement. Rights may be exercised at any time up to the close of
business on the expiration date for the rights provided in the applicable prospectus supplement. After the close of business
on the expiration date, all unexercised rights will be void.

Holders may exercise rights as described
in the applicable prospectus supplement. Upon receipt of payment and the rights certificate properly completed and duly
executed at the corporate trust office of the rights agent or any other office indicated in the prospectus supplement, we
will, as soon as practicable, forward the shares of common stock or preferred stock or other debt securities purchasable upon
exercise of the rights. If less than all of the rights issued in any rights offering are exercised, we may offer any
unsubscribed securities directly to persons other than stockholders, to or through agents, underwriters or dealers or through
a combination of such methods, including pursuant to standby underwriting arrangements, as described in the applicable
prospectus supplement.

La description
of units

This section describes the general terms of
the units we may offer and sell by this prospectus. This prospectus and any accompanying prospectus supplement will contain the
material terms and conditions for the units. The accompanying prospectus supplement may add, update, or change the terms and conditions
of the units as described in this prospectus.

Général

We may issue units consisting of one or more
other constituent securities. These units may be issuable as, and for a specified period of time may be transferable only as, a
single security, rather than as the separate constituent securities comprising such units. While the features we have summarized
below will generally apply to any units we may offer under this prospectus, we will describe the particular terms of any units
that we may offer in more detail in the applicable prospectus supplement. The specific terms of any units may differ from the description
provided below as a result of negotiations with third parties in connection with the issuance of those units, as well as for other
reasons. Therefore, you should rely solely on information in the applicable prospectus supplement if that summary is different
from the summary in this prospectus.

The particular terms of each issue of units,
the unit agreement relating to the units and the unit certificates representing units will be described in the applicable prospectus
supplement, including, as applicable:

· the title of the series of units;

· identification and description of the separate constituent securities
comprising the units;

· the price or prices at which the units will be issued;

· the date, if any, on and after which the constituent securities comprising
the units will be separately transferable;

· a discussion of certain United States federal income tax considerations
applicable to the units; et

· any other terms of the units and their constituent securities.

SELLING STOCKHOLDERS

The selling stockholders named below may, from
time to time, offer or sell pursuant to this prospectus up to an aggregate of 12,318,993 shares of Class A Common Stock. The table
below describes, as of May 24, 2018, each selling stockholder’s beneficial ownership of shares of our Class A Common Stock
(a) according to the information available to us as of such date and (b) assuming each selling stockholder (i)
has redeemed all LLC Interests held by such selling stockholder (and surrendered and cancelled an equivalent number of shares of
Class B Common Stock) and (ii) has sold all of its shares of Class A Common Stock pursuant to this prospectus.

Information
in the table below with respect to beneficial ownership has been furnished by each of the selling stockholders. The selling stockholders
listed in the table below may have sold, transferred, otherwise disposed of or purchased, or may sell, transfer, otherwise dispose
of or purchase, at any time and from time to time, shares of our Class A Common Stock in transactions exempt from the registration
requirements of the Securities Act or in the open market after the date on which they provided the information set forth in the
table below. We do not know which (if any) of the selling stockholders named below actually will offer to sell shares pursuant
to this prospectus, or the number of shares that each of them will offer.

Because the selling stockholders may sell,
transfer or otherwise dispose of all, some or none of the shares of our Class A Common Stock covered by this prospectus, we
cannot determine the number of such shares that will be sold, transferred or otherwise disposed of by the selling
stockholders, or the amount or percentage of shares of our Class A Common Stock that will be held by the selling stockholders
upon termination of any particular offering or sale. See “Plan of Distribution.” When we refer to the selling
stockholders in this prospectus, we mean the individual and entities listed in the table below, as well as their pledgees,
donees, assignees, transferees and successors in interest.

All Continuing SSE Equity Owners are entitled
to have their LLC Interests redeemed for Class A Common Stock on a one-for-one basis, or, at the option of Shake Shack,
cash equal to the market value of the applicable number of shares of our Class A Common Stock. At Shake Shack’s election,
Shake Shack may effect a direct exchange, rather than a redemption, of such shares of Class A Common Stock or such cash for
such LLC Interests. In connection with our IPO, we issued to each Continuing SSE Equity Owner for nominal consideration one
share of Class B Common Stock for each LLC Interest it owned. As a result, the number of shares of Class B Common
Stock listed in the table below equals the number of LLC Interests each such Continuing SSE Equity Owner owns.

The number of shares beneficially owned by each
stockholder is determined under rules issued by the SEC and includes voting or investment power with respect to securities. Sous
these rules, beneficial ownership includes any shares as to which the individual or entity has sole or shared voting power or investment
power. In computing the number of shares beneficially owned by an individual or entity and the percentage ownership of that person,
shares of common stock subject to options, or other rights, including the redemption right described above, held by such person
that are currently exercisable or will become exercisable within 60 days, are considered outstanding, although these shares
are not considered outstanding for purposes of computing the percentage ownership of any other person. Each of the stockholders
listed has sole voting and investment power with respect to the shares beneficially owned by the stockholder unless noted otherwise,
subject to community property laws where applicable.

Any selling stockholder may be deemed to be
an “underwriter” within the meaning of the Securities Act of 1933, as amended (the “Securities Act”).
Based upon the applicable facts and circumstances, including when and how each selling stockholder’s respective shares of Class
A Common Stock were acquired, none of the selling stockholders believes that it should be considered an “underwriter”
within the meaning of such term under the Securities Act.

For information regarding material relationships
and transactions between us and the selling stockholders, see the “Certain Relationships and Related Transactions, and Director
Independence” section of our 2017 10-K and any disclosure under a similar heading in the documents incorporated by reference
in this prospectus.

Information concerning the selling stockholders
may change from time to time. Any changes to the information provided below will be set forth in a prospectus supplement if and
when necessary.

LLC
    Interests (and an
equivalent amount of
shares of Class B
Common Stock) held
prior to the offering
LLC
    Interests to be

exchanged (and an
equivalent amount of
shares of Class B Common
Stock to be surrendered
and cancelled) in the
offering(+)(1)
LLC
    Interests (and an
equivalent amount of
shares of Class B
Common Stock) held
after the offering(+)
Actions
    of Class A
Common Stock
held prior to the
offering(^)
Actions
    of Class A
Common Stock
that may be sold
in the offering(‡)
Actions
    of Class
A Common
Stock held after
the offering(!)
Nom
    and address of beneficial owner(2)
(#) (%
    of LLC
Interests
outstanding)
(#) (%
    of Class A

Common Stock
outstanding)(3)
(#) (%
    of Class A

Common Stock
outstanding)(3)
(#) (%)(4) (#) (%)(3) (#) (%)(3)
ALWM Qualified Minor’s Trust Dated 12/22/05 6,638 * 6,638 * 6,638 *
Ashley Campbell 15,235 * 15,235 * 15,235 *
Beth Stephens 3,344 * 3,344 * 3,344 *
CBM Qualified Minor’s Trust Dated 11/23/05 21,876 * 21,876 * 300 (5) * 21,876 * 300 *
Daniel Meyer and Affiliates:(6)
Daniel Meyer 1,270,136 3.4 % 1,270,136 3.4 % 10,896 (7) * 1,270,136 3.4 % 10,896 *
Daniel H. Meyer Gift
    Trust U/A/D 10/31/12(8)
590,921 1.6 % 590,921 1.6 % 590,921 1.6 %
Gramercy Tavern Corp. 2,690,263 7.3 % 2,690,263 7.3 % 2,690,263 7.3 %
Daniel H. Meyer Investment
    Trust Dated 5/15/92(9)
660,318 (dix) 2.4 % 630,218 1.7 % 30,100 *
David A. Swinghamer and Affiliate:
David A. Swinghamer 267,167 * 267,167 * 267,167 *
David A. Swinghamer Grat 20,000 * 20,000 * 20,000 *
Erin Moran 38,343 * 38,343 * 38,343 *
Granite Point Capital Master Fund, L.P. 5,000 * 5,000 *
GVM Qualified Minor’s Trust Dated 11/23/05 21,876 * 21,876 * 300 (5) * 21,876 * 300 *
HLM Qualified Minor’s Trust Dated 11/23/05 21,876 * 21,876 * 300 (5) * 21,876 * 300 *
ILWM Qualified Minor’s Trust Dated 12/22/05 5,438 * 5,438 * 300 (5) * 5,438 * 300 *
Jamie Welch & Fiona Angelini 78,092 (11) * 73,092 * 5,000 *
Jean Polsky Investment Trust Dated 3/21/97 4,844 * 4,844 * 300 (5) * 4,844 * 300 *
Jeff Flug and Affiliate:
Jeff Flug 1,091 (7) * 1,091 *
Flug 2015 GS Trust U/A/D
    12/29/15(12)
372,574 1.0 % 372,574 1.0 % 372,574 1.0 %
Jeff Uttz 183,079 (13) * 171,579 * 11,500 *
Joan W. Harris Revocable Trust Dated 4/1/93 34,651 * 34,651 * 34,651 *
Jonathan Sokoloff 10,896 (7) * 10,896 *
Karen Kochevar 35,000 * 35,000 * 35,000 *
Leonard Green Partners:(14)(15)
Green Equity Investors VI, L.P. 2,183,698 5.9 % 2,183,698 5.9 % 2,183,698 5.9 %
Green Equity Investors Side VI, L.P. 1,301,490 4.7 % 1,301,490 3.5 %
LGP Malted Coinvest LLC 159,389 * 159,389 * 159,389 *
Laura Sloate 200,074 * 200,074 * 200,074 *
Marc Weiss Revocable Trust U/A/D 8/11/2003 6,354 * 6,354 * 500 (5) * 6,854 * 500 *
Michael Romano 33,941 (16) * 32,941 * 1,000 *
Orrin Devinsky 22,744 * 22,744 * 22,744 *
Paul Bolles-Beaven 72,328 * 72,328 *
PEM Qualified Minor’s Trust Dated 11/23/05 21,876 * 21,876 * 300 (5) * 21,876 * 300 *
Randy Garutti and Affiliate:
Randy Garutti 514,051 1.4 % 514,051 1.4 % 421,282 (17) 1.5 % 514,051 1.4 % 421,282 1.1 %
The Randall J. Garutti
    2014 GST Trust(18)
55,972 * 55,972 * 55,972 *
Nancy Meyer and Affiliate:
Nancy Meyer 30,589 * 30,589 * 30,589 *
Nancy Meyer Revocable
    Confiance(19)
1,900 * 1,900 *
Thomas Meyer 17,176 * 17,176 * 17,176 *
Richard Coraine and Affiliate:
Richard Coraine 127,924 * 127,924 * 127,924 *
Richard D. Coraine 2012
    Family Trust(20)
244,401 * 244,401 * 244,401 *
Robert Vivian 50,851 * 50,851 * 46,151 (21) * 58,351 * 38,651 *
Roxanne H. Frank Revocable Trust Dated 9/30/75 53,778 * 53,778 * 53,778 *
SEG Partners:(22)
SEG Partners, L.P. 88,081 * 88,081 *
SEG Partners II, L.P. 301,859 1.1 % 301,859 *
SEG Partners Offshore Master Fund Ltd. 430,269 1.5 % 430,269 1.2 %
Thomas O’Neal Ryder Family Trust 45,814 * 45,814 * 32,050 * 77,814 *
VHP Special Trust For Jack Dated 12/31/12 7,332 * 7,332 * 7,332 *
Walter Robb 8,031 * 8,031 * 8,031 *

* Represents beneficial ownership of less than 1%

(+) Continuing SSE Equity Owners will redeem (or exchange),
on a one-for-one basis, their LLC Interests for newly-issued shares of Class A Common Stock, to the extent they offer or sell
shares of Class A Common Stock pursuant to this prospectus (and an equivalent number of shares of Class B Common Stock held by
such selling stockholders will be surrendered and cancelled in connection with each such LLC Interest exchange). See “Certain
Relationships and Related Transactions, and Director Independence—SSE Holdings LLC Agreement—LLC Interest Redemption
Right” in our 2017 10-K.

(^) Comprises (i) shares of Class A Common Stock acquired under
the Company’s Directed Share Program, (ii) shares of Class A Common Stock previously issued to the Former SSE Equity Owners, (iii)
shares of Class A Common Stock acquired as a result of the Reorganization of USC, and (iv) shares of Class A Common Stock that
the selling stockholder currently has the right to acquire or will have the right to acquire within 60 days.

(‡) Comprises (i) shares of Class A Common Stock to be offered or sold by the Continuing SSE Equity
Owners after giving effect to the redemption (or exchange) of their respective LLC Interests, (ii) shares of Class A Common Stock
previously issued to the Former SSE Equity Owners, and (iii) shares of Class A Common Stock acquired as a result of the Reorganization
of USC. None of the (x) shares of Class A Common Stock acquired under the Company’s Directed Share Program or (y) shares of Class
A Common Stock that the selling stockholder currently has the right to acquire or will have the right to acquire within 60 days
will be sold in the offering.

(!) Assumes the sale by the selling stockholders of all shares of Class A Common Stock registered pursuant
to this prospectus.

(1) Assumes all LLC Interests are redeemed (or exchanged) (and all shares of Class B Common Stock are
surrendered and cancelled) for shares of Class A Common Stock.

(2) Unless otherwise noted, the address for each beneficial owner listed on the table is c/o Shake
Shack Inc., 225 Varick Street, Suite 301, New York, New York 10014.

(3) Percentage of ownership calculated after adding the total number of shares of Class A Common Stock
issued upon exchange of all outstanding LLC Interests held by the Continuing SSE Equity Owners to the existing number of shares
of Class A Common Stock outstanding as of May 24, 2018.

(4) Percentage of ownership calculated against the total number of shares of Class A Common Stock outstanding
as of May 24, 2018.

(5) Represents shares of Class A Common Stock acquired under the Company’s Directed Share Program.

(6) Pursuant to the Stockholders Agreement, the Meyer Group has the right to cause all of the stock
of GT and Union Square Cafe Corp. (“USC”) to be converted into and exchanged for shares of Class A Common Stock
pursuant to a reorganization under Section 368(a) of the Internal Revenue Code (a “Reorganization”). The Meyer
Group made such an election with respect to USC. To effect the Reorganization, a subsidiary of the Company merged with and into
USC, resulting in (i) conversion and exchange of shares of USC for Class A Common Stock, (ii) cancellation of Class B Common Stock
of the Company held by USC, and (iii) transfer of LLC Interests held by USC to the Company. The Investment Trust received 1,390,218
shares of Class A Common Stock in exchange for shares of USC, representing 80.462% interest in USC. The other shareholders received
an aggregate of 337,586 shares of Class A Common Stock in exchange for shares of USC, representing 19.538% interest in USC, all
of whom are included in the table as selling stockholders. The Meyer Group retain the ability to cause all of the stock of GT to
be converted into and exchanged for shares of Class A Common Stock pursuant to a Reorganization.

(7) Represents shares of Class A Common Stock that the selling stockholder currently has the right
to acquire or will have the right to acquire within 60 days.

(8) Mr. Meyer’s spouse is a trustee and beneficiary of the Daniel H. Meyer 2012 Gift Trust U/A/D
10/31/12.

(9) Mr. Meyer is the grantor, trustee and beneficiary of the Daniel H. Meyer Investment Trust dated
5/15/92.

(dix) Represents (i) 30,100 shares of Class A Common Stock acquired under the Company’s Directed
Share Program and (ii) 630,218 shares of Class A Common Stock resulting from the Reorganization.

(11) Includes 5,000 shares of Class A Common Stock acquired under the Company’s Directed Share
Program.

(12) Mr. Flug’s spouse is the trustee and beneficiary of the Flug 2015 GS Trust U/A/D 12/29/15.

(13) Reflects the latest publicly available information regarding Mr. Uttz’s holdings. As of Mr.
Uttz’s resignation from the Company effective March 13, 2017, Mr. Uttz ceased to publicly report his beneficial ownership
of our securities.

(14) Green Equity Investors VI, L.P., a Delaware limited partnership (“GEI VI”) is
the direct owner of 0 shares of Class A Common Stock of Shake Shack Inc. and 2,183,698 shares of Class B Common Stock of Shake
Shack Inc. (the “GEI VI Shares”). Green Equity Investors Side VI, L.P., a Delaware limited partnership (“GEI
Side VI
”), is the direct owner of 1,301,490 shares of Class A Common Stock and 0 shares of Class B Common Stock of Shake
Shack Inc. (the “GEI Side VI Shares”). LGP Malted Coinvest LLC, a Delaware limited liability company (“Malted »
and, collectively with GEI VI and GEI Side VI the “Green Funds”), is the direct owner of 0 shares of Class A
Common Stock and 159,389 shares of Class B Common Stock of Shake Shack Inc. (the “Malted Shares” and, collectively
with the GEI VI Shares and the GEI Side VI Shares, the “Green Shares”).

(15) Voting and investment power with respect to the Green Shares may be deemed to be shared by certain
affiliated entities. GEI Capital VI, LLC (“GEIC”), is the general partner of GEI VI and GEI Side VI. Green VI
Holdings, LLC (“Holdings”) is a limited partner of GEI VI and GEI Side VI. Leonard Green & Partners, L.P.
(« LGP”) is the management company of GEI VI, GEI Side VI, and Holdings. Peridot Coinvest Manager LLC (“Peridot”),
an affiliate of LGP, is the manager of Malted. Each of GEI VI, GEI Side VI, Holdings, Malted, LGP, and Peridot disclaims such shared
beneficial ownership of Shake Shack Inc.’s Class A Common Stock and Class B Common Stock. Jonathan D. Sokoloff may also be
deemed to share voting and investment power with respect to such shares due to his positions with LGP and Peridot, and he disclaims
beneficial ownership of such shares. Each of Messrs. John G. Danhakl, Jonathan D. Sokoloff and the other partners of LGP either
directly (whether through ownership interest or position) or indirectly, through one or more intermediaries, may be deemed to control
GEIC, LGP, and Peridot. As such, these individuals may be deemed to have shared voting and investment power with respect to all
shares beneficially owned by GEI VI, GEI Side VI, Holdings, Malted, LGP, and Peridot. These individuals each disclaim beneficial
ownership of the securities held by GEI VI, GEI Side VI, Holdings, Malted, LGP, and Peridot, except to the extent of their respective
pecuniary interest therein. Each of the foregoing entity’s and individual’s address (other than the Company) is c/o
Leonard Green & Partners, L.P., 11111 Santa Monica Boulevard, Suite 2000, Los Angeles, California 90025.

(16) Represents (i) 1,000 shares of Class A Common Stock acquired under the Company’s Directed
Share Program and (ii) 32,941 shares of Class A Common Stock resulting from the Reorganization.

(17) Includes (i) 3,100 shares of Class A Common Stock acquired under the Company’s Directed Share
Program and (ii) 418,182 shares of Class A Common Stock that the selling stockholder currently has the right to acquire or will
have the right to acquire within 60 days.

(18) Mr. Garutti’s spouse is a trustee and beneficiary of the Randall J. Garutti 2014 GST Trust.

(19) Ms. Meyer is the beneficiary of the Nancy Meyer Revocable Trust.

(20) Mr. Coraine’s spouse is a trustee and beneficiary of the Richard D. Coraine 2012 Family Trust.

(21) Includes (i) 20,000 shares of Class A Common Stock acquired under the Company’s Directed
Share Program and (ii) 18,651 shares of Class A Common Stock that the selling stockholder currently has the right to acquire or
will have the right to acquire within 60 days.

(22) Select Equity Group, L.P. (“Select Equity”), a limited partnership controlled
by George S. Loening, has the power to vote or direct the vote of, and dispose or direct the disposition of, the shares beneficially
owned by SEG Partners L.P., SEG Partners II, L.P. and SEG Partners Offshore Master Fund, Ltd. Select Equity is an
investment adviser and possesses sole power to vote or direct the vote of, and dispose or direct the disposition of, 820,209 shares.
George S. Loening is a control person and possesses sole power to vote or direct the vote of, and dispose or direct the disposition
of, 820,209 shares. The address for Select Equity is Select Equity Group, L.P., 380 Lafayette Street New York, New York
10003.

PLAN OF DISTRIBUTION

We may sell the securities, and the selling
stockholders may sell all or a portion of the shares of Class A Common Stock described in this prospectus from time to time, by
a variety of methods, including the following:

any national securities exchange or quotation service on which the securities may be listed or quoted at the time of sale;

the over-the-counter market;

transactions otherwise than on these exchanges or systems or in the over-the-counter market;

the writing of options, whether such options are listed on an options exchange or otherwise;

ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;

block trades in which the broker-dealer will attempt to sell the shares as agent but may position
and resell a portion of the block as principal to facilitate the transaction;

purchases by a broker-dealer as principal and resale by the broker-dealer for its account;

an exchange distribution in accordance with the rules of the applicable exchange;

privately negotiated transactions;

transactions in which broker-dealers may agree with the selling stockholders to sell a specified
number of such shares at a stipulated price per share;

a combination of any such methods of sale; et

any other method permitted pursuant to applicable law.

We will identify the specific plan of distribution
for any sales by us of the securities, including any underwriters, dealers, agents, or other purchasers, persons, or entities and
any applicable compensation, in a prospectus supplement, in an amendment to the registration statement of which this prospectus
is a part, or in other filings we make with the Securities and Exchange Commission under the Exchange Act, which are incorporated
by reference.

Some of the shares of Class A Common Stock covered
by this prospectus may be sold by selling stockholders in private transactions or under Rule 144 under the Securities Act rather
than pursuant to this prospectus.

If the selling stockholders use an underwriter
or underwriters for any offering, we will name them, and set forth the terms of the offering, in a prospectus supplement pertaining
to such offering and, except to the extent otherwise set forth in such prospectus supplement, the selling stockholders will agree
in an underwriting agreement to sell to the underwriter(s), and the underwriter(s) will agree to purchase from the selling stockholder,
the number of shares of Class A Common Stock set forth in such prospectus supplement. Any such underwriter(s) may offer the shares
of Class A Common Stock from time to time for sale in one or more transactions on the New York Stock Exchange, in the over-the-counter
market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing
market prices or at negotiated prices. The underwriter(s) may also propose initially to offer the shares of Class A Common Stock
to the public at a fixed public offering price set forth on the cover page of the applicable prospectus supplement. We will file a post-effective amendment to the registration statement of which this prospectus is
a part to include any material information with respect to the plan of distribution not previously disclosed in the registration
statement or any material change to such information in the registration statement.

If the selling stockholders effect such transactions
by selling shares to or through underwriters, broker-dealers or agents, such underwriters, broker-dealers or agents may receive
commissions in the form of discounts, concessions or commissions from the selling stockholders or commissions from purchasers of
the shares for whom they may act as agent or to whom they may sell as principal (which discounts, concessions or commissions as
to particular underwriters, broker-dealers or agents may be in excess of those customary in the types of transactions involved).
In connection with sales of shares or otherwise, the selling stockholders may enter into hedging transactions with broker-dealers,
which may in turn engage in short sales of the shares in the course of hedging in positions they assume. The selling stockholders
may also sell shares short and deliver shares covered by this prospectus to close out short positions and to return borrowed shares
in connection with such short sales. The selling stockholders may also loan or pledge shares to broker-dealers that in turn may
sell such shares.

The selling stockholders may pledge or grant
a security interest in some or all of the shares of Class A Common Stock owned by them and, if they default in the performance
of their secured obligations, the pledgees or secured parties may offer and sell the shares of Class A Common Stock from time to
time pursuant to this prospectus or any prospectus supplement under Rule 424(b)(3) or other applicable provision under the Securities
Act, amending, if necessary, the list of selling stockholders to include the pledgee, transferee or other successors in interest
as selling stockholders under this prospectus. The selling stockholders also may transfer and donate the shares of Class A Common
Stock in other circumstances in which case the transferees, donees, pledgees or other successors in interest will be the selling
beneficial owners for purposes of this prospectus.

The selling stockholders and any broker-dealer
participating in the distribution of the shares of Class A Common Stock may be deemed to be “underwriters” within the
meaning of the Securities Act, and any commission paid, or any discounts or concessions allowed to, any such broker-dealer may
be deemed to be underwriting commissions or discounts under the Securities Act. Any such broker-dealer will be named as an underwriter
in a prospectus supplement or post-effective amendment to the registration statement, of which this prospectus is a part, and any
discounts and commissions to be paid to any such broker-dealer will be disclosed therein. At the time a particular offering of
the shares of Class A Common Stock is made, a prospectus supplement, if required, will be distributed which will set forth the
aggregate amount of shares of Class A Common Stock being offered and the terms of the offering, including the name or names of
any broker-dealers or agents, any discounts, commissions and other terms constituting compensation from the selling stockholders
and any discounts, commissions or concessions allowed or reallowed or paid to broker-dealers.

Under the securities laws of some states, the
shares of Class A Common Stock may be sold in such states only through registered or licensed brokers or dealers.

There can be no assurance that any selling stockholders
will sell any or all of the shares of Class A Common Stock covered by this prospectus.

The selling stockholders and any other person
participating in such distribution will be subject to applicable provisions of the Exchange Act and the rules and regulations thereunder,
including, without limitation, Regulation M of the Exchange Act, which may limit the timing of purchases and sales of any of the
shares of Class A Common Stock by the selling stockholders and any other participating person. Regulation M may also restrict the
ability of any person engaged in the distribution of the shares of Class A Common Stock to engage in market-making activities with
respect to the shares of Class A Common Stock. All of the foregoing may affect the marketability of the shares of Class A Common
Stock and the ability of any person or entity to engage in market-making activities with respect to the shares of Class A Common
Stock.

We will not receive any cash proceeds from our
issuance of shares of Class A Common Stock to the selling stockholders or the sale by the selling stockholders of our shares of
Class A Common Stock pursuant to this prospectus. Each selling stockholder will bear the cost of any underwriting discounts and
selling commissions related to their respective offering and sale of shares of Class A Common Stock pursuant to this prospectus.
We may be required to indemnify the selling stockholders against liabilities, including some liabilities under the Securities Act,
in accordance with the Registration Rights Agreement, or the selling stockholders will be entitled to contribution. We, our affiliates
and our respective directors, officers, employees, agents and control persons may be indemnified by the selling stockholders against
liabilities that may arise from any written information furnished to us by the selling stockholder specifically for use in this
prospectus, in accordance with the Registration Rights Agreement, or we or they may be entitled to contribution.

AFFAIRES LÉGALES

Unless otherwise indicated in the applicable
prospectus supplement, certain legal matters in connection with the offering and the validity of the securities offered by this
prospectus, and any supplement thereto, will be passed upon for us by Proskauer Rose LLP, New York, New York.

EXPERTS

The consolidated financial statements of Shake Shack
Inc. incorporated by reference in Shake Shack Inc.’s Annual Report (Form 10-K) for the year ended December 27, 2017 (including
schedules appearing therein), and the effectiveness of Shake Shack Inc.’s internal control over financial reporting as of December
27, 2017 have been audited by Ernst & Young LLP, independent registered public accounting firm, as set forth in their reports
thereon, incorporated by reference therein, and incorporated herein by reference. Such consolidated financial statements are incorporated
herein by reference in reliance upon such reports given on the authority of such firm as experts in accounting and auditing.

INFORMATION INCORPORATED BY REFERENCE

The SEC allows us to “incorporate by reference”
the information we file with it, which means that we can disclose important information to you by referring to those documents.
The information incorporated by reference is an important part of this prospectus, and information that we file later with the
SEC will automatically update and supersede this information. We incorporate by reference the following documents and all documents
we file with the SEC pursuant to Section 13(a), 13(c), 14 or 15(d) pursuant to the Exchange Act on or after the date of this prospectus
and prior to the termination of the offering under this prospectus any prospectus supplement (other than, in each case, documents
or information deemed to have been furnished and not filed in accordance with SEC rules):

· the description of our Class A Common Stock
as set forth in our registration statement on Form 8-A (File No. 001-36749), filed with the SEC on January 28, 2015, pursuant to
Section 12(b) of the Exchange Act, including any subsequent amendments or reports filed for the purpose of updating such description.

Any statement contained herein or in any document
incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for the purposes of
this prospectus to the extent that a statement contained herein or in any other subsequently filed document which also is or is
deemed to be incorporated by reference herein modifies or replaces such statement. Any such statement so modified or superseded
shall not be deemed to constitute a part of this prospectus, except as so modified or superseded.

We hereby undertake to provide without charge
to each person, including any beneficial owner, to whom a copy of this prospectus is delivered, upon written or oral request of
any such person, a copy of any and all of the information that has been incorporated by reference in this prospectus, other than
exhibits to such documents, unless such exhibits have been specifically incorporated by reference thereto. Requests for such copies
should be directed to our Investor Relations department, at the following address:

Shake Shack Inc.

225 Varick Street, Suite 301

New York, NY 10014

WHERE YOU CAN FIND MORE INFORMATION

This prospectus is part of a registration statement
filed with the SEC under the Securities Act. This prospectus, which constitutes a part of the registration statement, does not
contain all of the information set forth in the registration statement or the exhibits and schedules filed therewith. For further
information about us and the securities offered hereby, we refer you to the registration statement and the exhibits and schedules
filed thereto. Statements contained or incorporated in this prospectus regarding the contents of any contract or any other document
that is filed as an exhibit to the registration statement are not necessarily complete, and each such statement is qualified in
all respects by reference to the full text of such contract or other document filed as an exhibit to the registration statement.
We are required to file periodic reports, proxy statements, and other information with the SEC pursuant to the Exchange Act. Such
reports and other information filed by us with the SEC are available free of charge on our website at investor.shakeshack.com when
such reports are made available on the SEC’s website. The public may read and copy any materials filed by us with the SEC at the
SEC’s Public Reference Room at 100 F Street, N.E., Room 1580, Washington, D.C. 20549. You may obtain information on the
operation of the public reference rooms by calling the SEC at 1-800-SEC-0330. The SEC also maintains an Internet website that contains
reports, proxy statements and other information about registrants, like us, that file electronically with the SEC. L’adresse
of that site is www.sec.gov.

3,416,070 Shares

Classe
A Common Stock

_________________________

PROSPECTUS
SUPPLEMENT

avril
17, 2020

_________________________

J.P.
    Morgan
BofA
    Securities
Wells
    Fargo Securities



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