Shares of Blue Apron Holdings Inc slumped to new lows on July 17 in the wake of Amazon.com Inc's move to register a trademark for a possible rival service. — Reuters
NEW YORK: Shares of meal-kit service Blue Apron Holdings Inc slumped to new lows on July 17 in the wake of Amazon.com Inc's move to register a trademark for a possible rival service.
Blue Apron shares tumbled more than 11% to US$6.51 (RM27.89), a drop of nearly 35% since its June 29 initial public offering price of US$10 (RM42.84). The decline came as investors were concerned about its future and the impact of Amazon's planned US$13.7bil (RM58.68bil) acquisition of supermarket chain Whole Foods Market Inc amid a fast-expanding meal-kit industry.
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