Blue Apron Covers 5% After Meal Pack Company’s Secondary Offering, Board Resignation

Shares of Blue Apron Holdings Inc. APRN,
rose more than 5% in late trading Wednesday after the meal kit company said it plans a $78 million capital increase and, in connection with it, the resignation of co-founder Matthew B. Salzberg and Barry Salzberg from Blue Apron’s board.” to focus on their other board positions and business interests.” The stock was previously briefly shut down. The stock tap includes rights offerings and the sale of additional shares and warrants, including $3 million in a private placement with Matthew B. Salzberg, who chaired the board of directors. The board of directors has appointed Jennifer Carr-Smith, an independent board member, as chairman of the board. Blue Apron shares have lost 31% so far this year, as opposed to gains of about 19% for the S&P 500 index SPX,
in the same period. The company made a quarterly loss last month, posting quarterly revenue slightly below the FactSet consensus.