Blue Apron latest to suffer in tough meal kit market

It’s a turbulent time for meal kit companies.

Blue Apron said Monday it could be delisted from the New York Stock Exchange because its closing share price has been lower than $1 since early May.

The company’s share price plunged 8% to close at 68 cents.

New York-based Blue Apron will try to raise the price with a reverse stock split. Shareholders will vote on that proposal at the company’s annual meeting June 13.

Subscription-based meal kit companies face numerous problems. They appeal to a small group, the meal prices are high, and once kits arrive, subscribers still have to put the ingredients together.

Companies also have a tough time keeping subscribers, who value the on-demand nature of restaurant or grocery delivery.

Blue Apron hasn’t made a profit since its 2017 IPO.