What's Up With The Rush Of Buyers In Blue Apron Stock Today?

Blue Apron Holdings Inc APRN shares are trading higher Thursday after the company provided an update on funding from Joseph Sanberg's affiliates.

What Happened: Blue Apron said it received $1 million of the private placement obligation of $56.5 million. In exchange, the company will issue 176,991 shares of common stock at $5.65 per share.

Sanberg also stated that he and his affiliates remain committed to funding the remaining purchase obligation of $55.5 million at $5.65 per share. Blue Apron said it continues to engage in "constructive dialogue" with Sanberg and his affiliates. 

Last week, Blue Apron announced plans to cut 10% of its workforce in order to better align internal resources with strategic priorities.

Blue Apron offers fresh, chef-designed meals that empower home cooks to embrace their culinary curiosity and challenge their abilities in the kitchen.

From Last Week: Blue Apron Plans To Cut 10% Of Its Corporate Workforce

APRN Price Action: Blue Apron has a 52-week high of $9.21 and a 52-week low of 61 cents per share.

The stock was up 11.4% at 72 cents at time of publication, according to Benzinga Pro.

Photo: courtesy of Blue Apron.