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Shares of food-delivery service Blue Apron (APRN - Get Report) will be on notice Monday after the company announced that it is actively pursuing plans to effect a reverse stock split. 

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.