Why Is Blue Apron Stock Diving Today?

Blue Apron Holdings Inc APRN shares are trading lower Monday after the company announced an equity distribution agreement allowing it to sell up to $15 million of its stock.

Blue Apron has entered into a distribution agreement with Canaccord Genuity acting as the sales agent. The company may offer and sell shares of its Class A common stock with an aggregate offering price of up to $14,999,425 from time to time.

Last Week, Blue Apron announced a CFO transition after exiting CFO Randy Greben notified the company he accepted a position elsewhere and plans to resign from his role, effective Oct. 17. Blue Apron appointed Mitchell Cohen to serve as interim CFO, effective following Greben's departure.

Blue Apron is a United States-based company that prepares meals with fresh seasonal ingredients and sends them directly to customers who are interested in discovering new recipes, ingredients and cooking techniques.

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APRN Price Action: Blue Apron has a 52-week high of $9.21 and a 52-week low of $2.27.

The stock was down 21.3% at $4.56 at time of publication, according to Benzinga Pro.

Photo: courtesy of Blue Apron.