APRN - Blue Apron stock tumbles 22% after announcing $70M ATM offering

• Blue Apron ( NYSE: APRN ) on Friday said it may offer and sell its class A shares worth up to $70 million through an “at-the-market” equity offering program.
• Shares down -22.1% at $0.83 after hours.
• The number of shares to be sold, if any, under the ATM program will depend on, among other factors, market conditions, the company’s capital needs, and the anticipated benefits to the company and its shareholders.
• The company intends to use the net proceeds from any sales of shares under the ATM program for general corporate purposes
• The shares will be offered through Canaccord Genuity as sales agent.

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