Blue Apron (NYSE:APRN) stock is sliding lower on Monday as investors react to its CFO leaving the company and plans for a stock sale.
Starting with that CFO news, Randy Greben is resigning from the role on Oct. 17. According to the company’s CFO, he’s taking on a position at another company.
Taking over for Greben temporarily is Mitchell Cohen. This will see him take on the interim CFO position following Greben’s departure. Cohen will remain in that role while the company searches for a permanent replacement for Greben and has agreed to help the meal kit company with a smooth transition for his successor.
APRN Stock Sale
The other news hitting APRN stock today is a stock sale agreement with Canaccord Genuity. Canaccord Genuity will be acting as a sales agent for the company as it offers up to about $15 million of its common stock.
Blue Apron notes this agreement will allow it to sell shares of APRN stock from time to time as it sees fit. The deal with Canaccord Genuity includes a 3% commission rate as it handles the sale of the company’s stock.
Today’s news has heavy trading of APRN stock pulling shares down. As of this writing, some 6.5 million shares of the stock have changed hands. That’s already matched the company’s daily average trading volume.
APRN stock is down 33.1% as of Monday morning. The shares are also down 42.9% year-to-date.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
