Blue Apron stock plunges after stock-sale announcement

Shares of Blue Apron Holdings Inc.
APRN,
-43.77%
were tumbling more than 25% in premarket trading Monday after the meal-kit company said that it had reached an agreement with Canaccord Genuity involving a possible sale of Blue Apron common stock. Through the equity distribution agreement, Blue Apron can sell up to $15 million of Class A common stock via Canaccord. Canaccord is entitled to a 3% commission of the gross price of shares sold. Blue Apron, which announced last week that its chief financial officer would be stepping down in mid October, has seen its shares rise 41% over a three-month span, though they’re off 29% on a 12-month basis.