Shares of Blue Apron Holdings, Inc. (APRN) are rising more than 31% Monday morning after the company announced $70.5 million capital investment through debt and equity financings.
Blue Apron has entered into two agreements including $40 million private placement investment by the company's long-time investor RJB Partners LLC, an affiliate of Joseph N. Sanberg, at $12 per share. Of this, $20 million investment was completed on April 29, the company said.
Other investment was by Blue Apron's President and Chief Executive Officer Linda Findley by purchasing $500,000 shares at $12 per share on the same date.
The remaining $20 million investment from RJB Partners LLC, to be made at $12 per share, is expected to close on May 30, 2022
The company also plans to refinance its existing debt with $30 million of senior secured notes issued to clients of Allianz Global Investors—which will be used to pay off its current debt facility—and extend debt maturity to 2027.
Blue Apron Holdings operates a direct-to-consumer platform that delivers original recipes with fresh and seasonal ingredients.
APRN is at $3.98 currently. It has traded in the range of $2.15-$12.76 in the past 52 weeks.
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