Since its less-than-stellar initial public offering in June of last year, the saga of Blue Apron has been perceived as a slow decline. The closely watched meal kit provider has been considered—fairly or unfairly—a bellwether for the meal kit manufacturing market. And this week, the meal kit maker hit another unwanted benchmark—becoming a penny stock, valued at under a dollar, for the first time in the company’s history.
According to a Business Insider report, shares of the meal kit company hit a nadir of $0.88, touching down at less than a tenth of the company’s desired $10 IPO price at approximately 10:00am EST on Tuesday, November 18, 2018.
In an eventful November, Blue Apron announced that it had suspended its meal kit partnership with Costco, reported a Q3 2018 that saw net revenue decrease 29 percent and net losses of $33.9 million accumulate, and outlined new plans to right the company on its course to profitability.
Stock had rebounded slightly by 12:00pm Tuesday, but still hovered at under a dollar.