Blue Apron’s losses grow amid Rumors of stock sale
2023.02.13 13:49
Blue Apron’s losses grow amid Rumors of stock sale
By Tiffany Smith
Budrigannews.com – (NYSE) Blue Apron Holdings Inc. After it was made public last week that it planned to sell up to $70 million worth of stock, shares continued to fall on Monday.
As of midday, shares were down 11.5 percent. They currently trade around 95 cents per share and are up 14.5 percent this year.
The meal kit manufacturer stated on Friday that the “at the market” share offering aims to occasionally grant it access to capital. The remaining funds under its shelf registration from last fall total $70 million. According to Blue Apron, the number of shares that will be sold will be determined by the company’s capital requirements, market conditions, and anticipated benefits.
Blue Apron intends to pay down its debt or use the proceeds from any sale for general purposes like expenses and working capital. Additionally, it stated that the program would enable it to pursue, evaluate, and possibly execute additional financing, a potential merger of businesses, or another strategic transaction.
The offering’s sales agent is Canaccord Genuity.
Before the start of business on March 16, the company intends to announce its earnings for the full year 2022 and the fourth quarter.
