The Kraft Heinz Company (Nasdaq: KHC) shares fell 2% after-hours Wednesday after the announced it will offer 30,596,465 shares of its common stock in a secondary offering for a selling shareholder, where BofA Securities is acting as the sole underwriter.

The selling shareholder was HK3 18 LP, an affiliate of larger shareholder 3G Global Food Holdings LP. The selling shareholder will receive all the proceeds from the sale.

3G will continue to own 185,262,701 shares, or 15.1% of the shares outstanding, following the sale.

The company had 1,224,042,461 shares of common stock outstanding as of November 12, 2021.