Blue Apron stock falls after company OKs reverse stock split
Shares of Blue Apron Holdings Inc. fell 11% in the extended session Thursday after the meal-kit provider said its board approved its reverse stock split of class A and class B shares at a ratio of 1 for 15. The split is expected to be effective after market close Friday, and Blue Apron's class A common stock will begin trading on a split-adjusted basis on the New York Stock Exchange on June 17. Blue Apron had said last month it was pursuing the split, with the main goal of increasing the price of the company's common stock and to improve liquidity. Blue Apron shares ended the regular trading day up 1.4%. The stock has lost 36% this year, contrasting with gains of 15% and 12% for the S&P 500 index and the Dow Jones Industrial Average .
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