Blue Apron Sinks on Plan to Sell Up to $30 Million Shares (1)

Blue Apron Inc. fell to a fresh low after the ailing meal-kit delivery platform said it may offer up to $30 million in new shares.

The at-the-market offering would further erode the value of existing shares, which have lost more than 80% of their value this year.

The stock fell as much as 33% to $1.17 on Friday. Blue Apron said its filing for the offering doesn’t necessarily mean a sale will take place.

An at-the-market offering, unlike a traditional stock offering, caters mostly to institutional investors, allowing companies to sell shares directly into the open market where ...