Blue Apron shares slide 26% premarket after it prices 4.7 million secondary share offering

Shares of meal-kit provider Blue Apron Inc. APRN, -18.46% slid 26% in premarket trade Wednesday, after the company priced a dilutive stock offering of 4.7 million shares at a discount of $4.25 per share. The offering raised roughly $20 million after expenses. The stock closed Tuesday at $5.53. The company has granted underwriters the option to purchase an additional up to 705,900 shares over a 30-day period. Canaccord acted as sole underwriter on the deal. Blue Apron shares are down 1% in the year through Tuesday’s close, while the S&P 500 SPX, -0.01% has gained 13%.

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