Why Portillo's Stock Got Raked Over the Coals Tuesday Morning -- and What Investors Got Wrong
Portillo's announced a secondary offering of 8 million shares of its Class A common stock, which is expected to raise roughly $183 million. Upon close of the transaction, the total number of shares of the company's Class A common stock and the company's Class B common stock will remain the same; however, the amount of shares of Class A common stock will increase by the same amount of the decrease in the number of shares of Class B common stock.