The company's board of directors unanimously recommended that stockholders vote to implement a reverse stock split of the company's Class A and Class B common stock based on a split ratio between 1-for-5 and 1-for-15.
The idea behind the split is to increase the market price of the company's Class A stock, which could improve the marketability and liquidity of the stock. The company is in danger of being delisted by the New York Stock Exchange as it trades below $1 per share.
NYSE securities cannot stay listed if they trade below $1 a share for 30 consecutive days. The company has notified the NYSE of its intent to reach compliance through its stock split.
Blue Apron was down 10% to 67 cents per share.