The Blue Apron Holdings Inc (NYSE: APRN) stock price rallied 46.7% despite the lack of news from the meal kit company. The last significant release from the company was regarding the non-compliance notice it received from the NYSE on December 21, 2022.
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At the time, the company said that it would get back to the New York Stock Exchange (NYSE) with a plan as to how it plans to regain compliance with the exchange’s listing requirement. The company had failed to meet the NYSE’s listing requirement of its stock trading above a minimum of $1.00 for thirty consecutive trading days.
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The company had also fallen short of the NYSE’s listing requirements of maintaining a total stockholders’ equity equal to or greater than $50 million. The firm had reassured investors that it would furnish the NYSE with a plan to regain compliance.
However, we have heard nothing official from the company regarding its compliance plan, which was supposed to be delivered to the NYSE by January 6, 2023. Today’s rally can only be attributed to other factors apart from the company, which has not made any new announcements.
Blue Apron shares have rallied higher, driven by positive investor sentiment and renewed investor interest in the company, like the meme stock rally of 2020. Retail traders have been buying APRN shares, pushing them higher.
Today’s rally has brought Blue Apron shares close to compliance territory, with its market capitalisation rising to $48.42 million, which is within earshot of the $50 million mark and its share price crossing above the $1.00 mark.
Maybe the company has received further investment from Mr Joseph Sanberg’s affiliates, who had committed to investing $56.5 million into the company. Sanberg’s affiliates had already invested $1 million into the company.
However, the company has not released any communication; hence, we cannot say that an investment drove the latest rally. Therefore, we are left with only one conclusion: renewed investor interest is the main reason for the rally.
*This is not investment advice.
Blue Apron (APRN) stock price.
The Blue Apron Holdings (APRN) stock price rallied 46.74% to trade at $1.37, from Friday’s closing price of $0.92.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.