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Sept. 21, 2021, 6:31 a.m. EDT

Blue Apron plans corporate governance reforms, including scrapping its dual-class capital structure

Meal-kit company Blue Apron Inc. (NYS:APRN) said Tuesday it is aiming to make a number of corporate governance reforms and will seek to have the board comprised of at least 50% women and 50% people of color following its 2022 annual shareholder meeting. The announcement came as the company filed a registration statement for its previously announced plan to raise $45 million in a fully backstopped equity rights offering that is part of a $78 million capital raise. The company will use the proceeds of the raise for working capital and to expand and boost revenue. Other corporate governance reforms include eliminating its dual-class capital structure. It further plans to raise wages, benefits and improve training for its hourly employees and to achieve carbon neutrality targets by early 2022. Shares were down 2.3% premarket and have fallen 15% in the year to date, while the S&P 500 (S&P:SPX) has gained 16%.

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