Shares of Blue Apron Holdings Inc.
APRN,
shot up 9.9% in morning trading Friday, to trade back above the $1 level for the first time in more than two weeks, after the meal-kit company said it received a delisting notice from the New York Stock Exchange. The notice said the company was not in compliance with the listing requirement of a minimum average stock closing price of at least $1 over a consecutive 30-day period and an average market capitalization of at least $50.0 million, also over a consecutive 30-day period. The company said it plans to notify the NYSE on Jan. 6 that it received the delisting notice, and intends to submit a plan to “cure” the minimum stock price and market capitalization deficiencies. The stock has closed below the $1 mark since Dec. 6, and closed at a record low of 64 cents on Dec. 13. It has bounced since then after the company said it received funding from a major investor; it has rocketing 56.7% amid a four-day winning streak. Meanwhile, the company’s market capitalization was $41.6 million at current stock prices, and has been below $50 million since Nov. 11, according to FactSet data. The stock has plummeted 84.4% year to date, while the S&P 500
SPX,
has shed 20.1%.
