About a week later, in mid-December, Blue Apron reported receiving $1 million of a private-placement pledge of $56.5 million by an affiliate of Joseph Sandberg, a founding Blue Apron investor, for which the meal solutions company will issue 176,991 shares of Class A common stock at $5.65 per share. When announcing its strategic action plan in early December, Blue Apron said it expects to save up to $50 million from labor, marketing and consulting expense cuts in 2023, with the reductions being implemented throughout the year. “The NYSE notification does not affect Blue Apron's business operations or its Securities and Exchange Commission (SEC) reporting requirements, nor does it conflict with or cause an event of default under the company’s material debt or other agreements,” the company added. “The company is currently evaluating its available options and developing a plan to regain compliance with the minimum global market capitalization requirement,” Blue Apron stated. The company has 45 days to submit a plan that would bring it into compliance with NYSE’s market-cap standard within 18 months of receiving the warning notice. Blue Apron has six months to regain compliance with the minimum share price standard from the date of receiving NYSE’s notice.
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