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Benzinga

Business

Shivani Kumaresan

Blue Apron Shares Soar After $70.5M Planned Capital Infusion

Blue Apron APRN Allianz Global Investors Blue Apron Holdings Inc NYSE

Blue Apron Holdings Inc (NYSE:APRN) has entered into an agreement for a $40.0 million private placement investment by RJB Partners LLC, an affiliate of the company's long-time investor, Joseph N. Sanberg.
The company has also inked an agreement for a $0.50 million private placement investment by its President and CEO, Linda Findley.
RJB Partners committed to the private placement at $12 per share, with a $20 million investment completed with an additional $20 million investment expected in Q2 2022.
Blue Apron plans to refinance debt with $30 million in partnership with Allianz Global Investors, extending debt maturity to 2027 and lower overall debt service obligations.
The company intends to use the proceeds to pay off its existing term loan and for general corporate purposes.
Price Action: APRN shares are trading higher by 32.0% at $3.99 on the last check Monday.

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