Shares of Blue Apron Holdings Inc.
rose more than 5% in late trading Wednesday after the meal-kit company said it plans a $78 million equity raise and, in connection with that, the resignation of co-founder Matthew B. Salzberg and Barry Salzberg from Blue Apron’s board “to focus on their other board roles and business interests.” The stock was briefly halted earlier. The equity tap includes rights offering and the sale of additional shares and warrants, including $3 million in a private placement with Matthew B. Salzberg, who chaired the board. The board of directors has appointed Jennifer Carr-Smith, an independent board member, to be board chair. Blue Apron shares have lost 31% so far this year, contrasting with gains of around 19% for the S&P 500 index
in the same period. The company last month swung to a quarterly loss and posted quarterly revenue slightly lower than the FactSet consensus.