Blue Apron (APRN) is pursuing plans for a reverse stock split

Meal-kit provider Blue Apron Holdings Inc. (APRN) said Monday it is pursing plans for a reverse stock split. The company's board unanimously approved the move in an April meeting, and recommended for shareholder approval a proposal for a 1-for-5 to 1-for-15 split with the ratio and timing to be determined by the board. The proposal will be voted on at the company's annual shareholder meeting on June 13. The main goal of the split is to increase the price of the company's common stock and to improve liquidity. It will also allow the company regain compliance with NYSE listing rules, which it has breached after falling below $1 for a period of 30 consecutive trading days. The stock closed Friday at 75 cents. It has fallen 73% in the last 12 months, while the S&P 500 (SPX) has gained 5.4%.