(Bloomberg) -- Blue Apron Holdings Inc. sank as much as 16% in extended trading after reporting a 1-for-15 reverse stock split to regain compliance with New York Stock Exchange listing rules.
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The move is intended to get Blue Apron’s share price back above $1, the company said in a statement. The meal-kit delivery company’s shares closed on Thursday at 65 cents and haven’t closed above $1 since May 2.
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The reverse stock split will take effect after the market closes on June 14.
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