Sanberg, which is expected to be paid on or before August 31, 2022 In addition, cash and cash equivalents as of Jdoes not include the $50.0 million that the company is expected to receive from RJB pursuant to the private placement that is expected to close on or before August 31, 2022, or the payment of a $20.0 million receivable owed by an affiliate of Mr. Sanberg’s Chief Investment Officer, will join the Blue Apron boardĬash and cash equivalents were $54.0 million as of June 30, 2022, which does not reflect the $10.0 million bulk sale receivable received subsequent to quarter-end. The company expects to use the proceeds of the private placement to invest in its long-term growth plan, with $25.0 million expected to be used for strategic purposes aimed at enhancing shareholder value, including exploring share buybacks. Sanberg, amended the April 2022 private placement agreement pursuant to which RJB agreed to purchase from the company i) the 1,666,667 shares of Class A common stock under the original agreement at a price of $5.00 per share instead of $12.00 per share, and ii) an additional 8,333,333 shares of Class A common stock at a price of $5.00 per share, for an aggregate investment of $50.0 million for 10 million shares of Class A common stock at $5.00 per share, which is expected to close later this month. On August 7, 2022, the company and RJB Partners LLC ("RJB"), an affiliate of Joseph N. The new debt was used, together with cash on hand, to repay the company’s senior secured term loan, which lowers overall debt service obligations and extends debt maturity to 2027 Net revenue rose slightly year-over-year and 6.0% sequentially to $124.2 million, inclusive of a bulk sale to an enterprise customerĪverage Order Value rose 7.1% year-over-year and 6.6% sequentially to $67.14, a record high for the company, primarily due to a pricing increase introduced in 2Q22Īverage Revenue per Customer increased to $328 from $321 last quarter, and decreased slightly from $330 for the same period in 2021Ĭompany raised $20.5 million of equity and entered into a new $30.0 million debt agreement.
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