Blue Apron Announces Completion of Approximately $15 Million At-The-Market Offering
October 06 2022 - 3:05PM
Business Wire
Blue Apron (NYSE: APRN) today announced that it has completed
its previously announced at-the-market equity offering program
under which it sold shares of its Class A common stock for
aggregate gross proceeds to the company of approximately $15
million.
A total of 4,622,272 million shares of Class A common stock were
sold at an average sales price of $3.25 per share. The estimated
net proceeds to Blue Apron after deducting commissions, fees, and
estimated offering expenses were approximately $14.5 million.
“We are pleased to have successfully completed this
at-the-market equity offering program which provides us with
additional capital to move the business forward,” said Linda
Findley, Blue Apron’s President and Chief Executive Officer.
As previously disclosed, Blue Apron intends to use the net
proceeds for general corporate purposes, including working capital,
operating expenses, and capital expenditures.
This press release shall not constitute an offer to sell or a
solicitation of an offer to purchase any securities, nor shall
there be a sale of the securities in any state or jurisdiction in
which such an offer, solicitation or sale would be unlawful.
About Blue Apron
Blue Apron’s vision is Better Living Through Better Food™.
Launched in 2012, Blue Apron offers fresh, chef-designed meals that
empower home cooks to embrace their culinary curiosity, challenge
their abilities in the kitchen and see what a difference cooking
quality food can make in their lives. Blue Apron is a
carbon-neutral meal-kit company and is focused on bringing
incredible recipes to its customers, while promoting planetary and
dietary wellness for everyone.
Forward Looking Statements
This press release includes statements concerning Blue Apron’s
intended use of the proceeds from its “at-the-market” equity
offering program that constitute "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. For this purpose, any statements contained herein that are
not statements of historical fact may be deemed to be
forward-looking statements. In some cases, you can identify
forward-looking statements by terms such as "may," "should,"
"expects," "plans," "anticipates," "could," "intends," "targets,"
"projects," "contemplates," "believes," "estimates," "predicts,"
"potential," or "continue," or the negative of these terms or other
similar expressions. The forward-looking statements in this press
release are only predictions. Blue Apron has based these
forward-looking statements largely on its current expectations and
projections about future events and financial trends that it
believes may affect its business, financial condition and results
of operations. These forward-looking statements speak only as of
the date of this press release and are subject to a number of
risks, uncertainties and assumptions including, without limitation,
the company's ability to operate as a going-concern in the event
that certain anticipated transactions do not close on the expected
terms or at all, the company’s expectations regarding its expenses
and revenue, its ability to grow adjusted EBITDA and achieve or
maintain profitability, the sufficiency of the company’s cash
resources, the company’s needs for additional financing; the
company’s ability, including the timing and extent, to sufficiently
manage costs and to fund investments in its operations in amounts
necessary to maintain compliance with financial, environmental,
sustainability and corporate governance, and other covenants under
its indebtedness while continuing to support the execution and
acceleration of its growth strategy on the company’s anticipated
timelines; the company’s ability, including the timing and extent,
to successfully support the execution of its growth strategy,
cost-effectively attract new customers and retain existing
customers, including its ability to sustain any increase in demand
resulting from both its growth strategy or the COVID-19 pandemic,
and its ability to continue to expand its product offerings and
distribution channels, and to continue to execute operational
efficiency practices; and other risks more fully described in the
company’s Annual Report on Form 10-K for the year ended December
31, 2021 filed with the SEC on February 25, 2022, the company’s
Quarterly Report on Form 10-Q for the quarter ended March 31, 2022
filed with the SEC on May 9, 2022, the company’s Quarterly Report
on Form 10-Q for the quarter ended June 30, 2022 filed with the SEC
on August 8, 2022, and in other filings that the company may make
with the SEC in the future. The company assumes no obligation to
update any forward-looking statements contained in this press
release, whether as a result of any new information, future events,
or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20221006006005/en/
Muriel Lussier Blue Apron muriel.lussier@blueapron.com
Blue Apron (NYSE:APRN)
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