Blue Apron Holdings, Inc. (APRN) is rising in the aftermarket – Mystery behind it!

Blue Apron Holdings, Inc. (APRN) experiences an increase of 5.53% in the aftermarket because APRN Announces Planned $78 Million in Equity Capital Raise. However, the last trading session concluded at $5.61 with an incline of 44.59%.

APRN Announces Planned $78 Million in Equity Capital Raise

APRN declared $78.0 million of a planned equity capital raise on 15^th September 2021.  It also includes a $45.0 million fully backstopped rights offering to holders of its Class A common stock. And a $30.0 million private placement with the backstop provider which will close promptly following the consummation of the private placement.

Lastly, Blue Apron is also making certain adjustments to its board of directors and capital structure in conjunction with the equity capital raising.

Blue Apron Introduces Heat & Eat

APRN launches Heat & Eat on 13^th September 2021. Heat & Eat is Blue Apron’s first-ever prepared, single-serving meal product, available in five minutes or less. Firstly, Heat & Eat dishes will provide consumers more options for enjoying Blue Apron meals.

Secondly, Heat & Eat meals will complement Blue Apron Signature weekly dishes. This will help giving consumers more options and flexibility in their weekly routine. Thirdly, Heat & Eat meals were created to make meal selections a little easier for people who are looking for a quick supper alternative. Last but not the least, Heat & Eat meals are microwave-ready versions of some of the company’s most popular and well-received dishes.

Second Quarter 2021 Financial Results

APRN announced second-quarter 2021 financial results on 3^rd August 2021.

• The company’s projection for the second quarter of 2021 was $124.0 million in net sales.
• The company’s net loss in the second quarter of 2021 was $18.6 million, including a non-cash charge of roughly $4.1 million. Net loss exceeded the company’s expectations without this charge.
• The $3.5 million Adjusted EBITDA loss in the second quarter of 2021 exceeded the company’s expectations.
• The company’s growth approach continues to pay off in key customer indicators, including the third consecutive quarterly record for Average Order Value.
• With $51.0 million in cash and cash equivalents at quarter’s end, including approximately $21.1 million in net proceeds.
• As of June 30, 2021, the firm has $18.6 million in cash, net of debt.
• Continued product development, including the introduction of Butcher Bundles, Add-ons, and Craft Burgers.