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Blue Apron Turns Red; Tumbles Below IPO Price As Underwriters Give Up

So much for the long anticipated debut of the food delivery IPO, with the big customer churn problem and even bigger cash flow problem. One day after the company IPOed at a downward revised price (seeing its market cap at $1.9 billion, below its last private round valuation of $2 billion) and broke for trading into the green, only to close at exactly $10.00, Red Blue Apron has now tumbled to $9.
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