Blue Apron (NYSE: APRN) today announced that the New York Stock Exchange (NYSE) has accepted the company’s business plan (the “plan”) to regain compliance with the NYSE $50 million average global market capitalization and stockholders’ equity requirement. The company’s Class A common stock will continue to be listed and traded on the NYSE during the share price cure period, as defined below.
As previously disclosed on December 23, 2022, Blue Apron received written notice from the NYSE on December 21, 2022 that it was not in compliance with the NYSE continued listing standards which require the company to maintain: (i) a minimum average closing price of at least $1.00 per share over a consecutive 30-day trading period; and (ii) an average global market capitalization of at least $50 million over a consecutive 30-day trading period and, at the same time, a total stockholders’ equity equal to or greater than $50 million.
On February 6, 2023, the company submitted the plan for curing the global market capitalization listing standard deficiency to the NYSE. On February 28, 2023, the NYSE accepted the plan and will continue to review the company on a quarterly basis for compliance with the plan. In accordance with NYSE rules, the company must regain compliance with the minimum $50 million average global market capitalization and stockholders’ equity requirement on or before June 21, 2024 (the “market capitalization cure period”).
If the company fails to make sufficient progress against the plan during the market capitalization cure period, or does not meet continued listing standards at the end of such cure period, it will be subject to the initiation of NYSE suspension and delisting procedures.
The company has until June 21, 2023 to cure the minimum share price listing standard deficiency (the “share price cure period"). The company can regain compliance at any time prior to that date if, on the last trading day of any calendar month during such cure period, the company has: (i) a closing share price of at least $1.00; and (ii) an average closing share price of at least $1.00 over the 30-day trading period ending on the last trading day of that month.
The company’s status with the NYSE and its obligations with respect to the plan do not affect its business operations or its reporting obligations with the Securities and Exchange Commission (“SEC”).
About Blue Apron
Blue Apron’s vision is Better Living Through Better Food™. Launched in 2012, Blue Apron offers fresh, chef-designed meals that empower home cooks to embrace their culinary curiosity, challenge their abilities in the kitchen and see what a difference cooking quality food can make in their lives. Blue Apron is a carbon-neutral meal-kit company and is focused on bringing incredible recipes to its customers, while promoting planetary and dietary wellness for everyone.
Forward Looking Statements
This press release includes statements concerning Blue Apron Holdings, Inc. and its future expectations, plans and prospects that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," or "continue," or the negative of these terms or other similar expressions. The forward-looking statements in this press release are only predictions. Blue Apron has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that it believes may affect its business, financial condition and results of operations. These forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions including, without limitation, the company’s ability to regain compliance with the NYSE listing requirements and other potential factors that could affect future financial and operating results as set forth in the risks described in the company’s filings and reports with the SEC and in other filings that the company may make with the SEC in the future. The company assumes no obligation to update any forward-looking statements contained in this press release, whether as a result of any new information, future events, or otherwise.