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Sunday, November 28, 2021

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 15th 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.

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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 13th 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 3rd 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.

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