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

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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.

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