Blue Apron shares fell as much as 12 percent Monday following an ominous sign that Amazon is preparing a move into its niche market for meal-kit deliveries.
On July 6, about a week after Blue Apron priced its IPO, Amazon applied to register a trademark with the U.S. Patent and Trademark Office for the slogan “We do the prep. You be the chef.” The phrase could be a stand-in slogan for Blue Apron, which has registered “A better way to cook.”
The application, reported by the Times this weekend, sent Blue Apron’s stock tumbling 11.8 percent to $6.49 a share Monday. That marks a 35 percent decline from its $10 a share offering price and an even steeper discount to the $15-to-$17 a share IPO it had initially hoped for. With a market cap of $1.23 billion, Blue Apron is about a quarter billion dollars away from losing its unicorn status.
Blue Apron emerged as the leader in…