APRN - Blue Apron to Offer 4 Million Shares as Stock Value Plunges
Investors sent Blue Apron's (NYSE: APRN) share value crashing yesterday evening and this morning after the company announced yesterday that it's offering at least 4 million shares of common stock. The stock is being sold at a price of $9.25 per share, with the company expecting to realize gross proceeds of $37 million before expenses such as commissions and underwriting discounts are deducted.
The offering could potentially end up running as high as 4.6 million shares of Class A common stock, since the underwriters have the option to buy another 600,000 shares. The underwriters will have a period of 30 days during which they can exercise that option.
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