Blue Apron rallies after Sanberg commits to private placement funding

Blue Apron is rallying after the company provided an update on funding from Joseph Sanberg’s affiliates. The company received $1M of the private placement obligation of $56.5M in exchange for which the company will issue 176,991 shares of class A common stock at a price of $5.65 per share. Furthermore, Sanberg has stated that he and his affiliates remain committed to funding the remaining purchase obligation of $55.5M at $5.65 per share under the private placement agreement. Blue Apron said it "continues to be engaged in constructive dialogue with Mr. Sanberg and his affiliates regarding his remaining obligations." Shares of Blue Apron are up 25% to 81c in premarket trading.