Blue Apron Announces 1-For-12 Reverse Stock Split
Portfolio Pulse from Happy Mohamed
Blue Apron Holdings (NYSE:APRN) has announced a 1-for-12 reverse stock split, approved by its Board of Directors and stockholders. The split will be effective after market close on June 7, 2023, and will reduce the number of outstanding shares from 76 million to 6 million. The move aims to increase the market price per share and ensure compliance with the NYSE share price listing rule.
June 07, 2023 | 3:11 pm
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Blue Apron's 1-for-12 reverse stock split aims to increase the market price per share and ensure compliance with the NYSE share price listing rule.
The reverse stock split will reduce the number of outstanding shares, which should increase the market price per share. This will help Blue Apron regain compliance with the NYSE share price listing rule and maintain its listing on the NYSE. As a result, the stock price is likely to go up in the short term.
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