By Stephen Nakrosis
Shares of meal kit company Blue Apron were lower in after hours trading on Friday, following a 67% gain in the day’s regular session.
The company’s stock were down 13.52% to $7.71at 6:12 p.m. ET. The stock closed the day’s regular session at $8.95 per share, and traded as high as $10.49 during the session. Year to date, Blue Apron’s shares are down by more than 10%.
The stock rose following news that Blue Apron had closed a deal to transfer its operational infrastructure to FreshRealm. Under the terms of the deal, which is valued at up to $50 million, Blue Apron will receive about $25 million upfront and FreshRealm will receive fulfillment centers, equipment and know-how, the companies said.
Blue Apron said it is “now an asset-light company, focused on the growth of its direct-to-consumer business.” The company also said it eliminated its debt and that it, “continues to drive additional cash burn reduction initiatives.”
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