Shares of Blue Apron Holdings Inc. APRN plummeted 21.7% after hours on Friday after the meal-kit deliverer filed an at-the-market offering of up to $70 million that would allow the company to offer or sell stock — potentially to allow room to explore “a potential business combination or other strategic transaction.” The offering is “intended to provide the company with access to capital from time to time,” company executives said in a statement. They added that proceeds of the sales might be used to pay down debt, cover operating expenses and give Blue Apron “greater flexibility to pursue, evaluate and potentially execute upon other financing opportunities, a potential business combination or other strategic transaction.” The offering price of $70 million represents the remaining amount available for issuance under a shelf registration statement declared effective in November. Shares will be offered through Canaccord Genuity as sales agent, Blue Apron said. Blue Apron stock has fallen 82.9% over the past 12 months. The S&P 500 Index SPX is down 9.2% over that period.
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