Blue Apron's stock price surges after reverse split takes effect [MarketWatch]
Blue Apron Holdings, Inc. (APRN)
Last blue apron holdings, inc. earnings: 4/29 06:15 am
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Source: MarketWatch
Blue Apron's stock price surges after reverse split takes effect Blue Apron Holdings Inc.'s stock APRN, +10.16% was trading at $8.92 in morning trade, up 8.1% above its new split-adjusted price. On Friday, the stock closed at 55 cents, or at $8.25 after a 1-for-15 reverse stock split took effect on Monday. The meal kit delivery company said on Friday that it was enacting the reverse split in an effort to regain full compliance with NYSE listing standards and to improve the marketability and liquidity of the Class A common shares. The company said the move reduces the number of Class A shares outstanding to 6.7 million from 99.9 million. As of Friday, the stock had fallen 46% year to date to closed a record low, while the S&P 500 SPX, +0.10% had gained 15%.
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