APRN - Micro Cap Bid Up Right Before Opening Bell

2023-05-16 09:49:30 ET

A New York-based micro cap is getting some serious attention so far on Tuesday morning after the company announced plans for a long-term operations and logistics relationship with %FreshRealm , a leading provider of fresh meals to top retailers nationwide, that would see the business shift to an asset-light model.

According to the release, the companies have signed a non-binding letter of intent for up to $50 million payable to %BlueApron (NYSE: ) for the transfer of its operational infrastructure, as well as when transition, efficiency and product milestones are met.

Shares of Blue Apron are currently bid up at $0.504/share (+9.64% implied open for sellers) at the time of writing.

Blue Apron Holdings Inc is a United States-based company involved in discovering new recipes, ingredients, and cooking techniques to prepare meals that are sent along with fresh, seasonal ingredients, directly to customers. The company offers its customers two flexible plans, 2 Serving Plan and 4 Serving Plan. Its recipes are accompanied by printed and digital content, including how-to-cook instructions and the stories of its suppliers and specialty ingredients. The company also sells wine, cooking tools, utensils, and pantry items.