Benzinga | Jun 16, 2021 03:57PM EDT

Blue Apron Shares Plunge On Equity Raise At 23% Discount

* Blue Apron Holdings Inc (NYSE:APRN) has priced 4.7 million shares of its Class A common stock at $4.25 per share in a public offering.

* The offer price represents a discount of 23.1% to Tuesday's closing price of $5.53.

* The gross proceeds to Blue Apron from the offering are expected to be about $20.0 million.

* The underwriters have 30 days to procure additional shares up to 0.70 million.

* The offering is expected to close on or about June 18, 2021.

* Canaccord Genuity is acting as the sole book-running manager for the offering.

* Price action: APRN shares are trading lower by 22.4% at $4.29 on the last check Wednesday.