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Benzinga
Benzinga
Business
Shivani Kumaresan

Blue Apron Shares Soar After $70.5M Planned Capital Infusion

Blue Apron APRN Allianz Global Investors Blue Apron Holdings Inc NYSE
  • Blue Apron Holdings Inc (NYSE:APRN) has entered into an agreement for a $40.0 million private placement investment by RJB Partners LLC, an affiliate of the company's long-time investor, Joseph N. Sanberg.
  • The company has also inked an agreement for a $0.50 million private placement investment by its President and CEO, Linda Findley.
  • RJB Partners committed to the private placement at $12 per share, with a $20 million investment completed with an additional $20 million investment expected in Q2 2022.
  • Blue Apron plans to refinance debt with $30 million in partnership with Allianz Global Investors, extending debt maturity to 2027 and lower overall debt service obligations.
  • The company intends to use the proceeds to pay off its existing term loan and for general corporate purposes.
  • Price Action: APRN shares are trading higher by 32.0% at $3.99 on the last check Monday.
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