Blue Apron Holdings Inc (NYSE:APRN) shares are down nearly 20% Monday morning after the company filed an at-the-market equity offering program.
What Happened: After the market close on Friday, Blue Apron filed a prospectus supplement to its existing shelf registration statement with the SEC, under which the company may offer and sell shares having an aggregate offering price of up to $70 million.
The offering program is intended to provide Blue Apron with access to capital from time to time. The company intends to use the net proceeds to fund working capital, operating expenses and capital expenditures. Blue Apron said it may also potentially pay down some or all of its debt. The offering is expected to provide flexibility to pursue other financing opportunities, including a potential business combination or other strategic transaction.
Blue Apron is a meal-kit company that is focused on bringing incredible recipes to its customers.
See Also: Why Monday.com Stock Is Soaring Monday Morning
APRN Price Action: Blue Apron has a 52-week high of $8.22 and a 52-week low of 61 cents per share.
The stock was down 19.1% at 87 cents at the time of publication, according to Benzinga Pro.
Photo: courtesy of Blue Apron.
