Blue Apron stock slammed as company plans stock sale

Shares of Blue Apron Inc. were tumbling in Friday trading after the meal-kit company disclosed that it planned to sell stock. The company said in a filing with the Securities and Exchange Commission late Thursday that it has launched into an equity distribution agreement with Canaccord Genuity related to stock-sale plans, under which the meal-kit company may offer and sell up to $30 million in Class A common stock. Blue Apron noted in the filing that Canaccord is not required to sell any specific amount of stock per the agreement. Blue Apron shares are off 31% in Friday afternoon trading, and they’ve fallen 82% so far in 2022 as the S&P 500 has declined 17%. The company posted a wider-than-expected loss and yanked its full-year outlook in its earnings report earlier this week.

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