Blue Apron Holdings shares (NYSE:), which is a prominent company in the food service industry, are on the rise in recent months. The stock’s decline in price over the past month is due to the decision of Blue Apron Holdings to eliminate its dual-class capital structures. Read on.Direct-to-consumer platform operator Blue Apron Holdings, Inc. (APRN) in New York City has made several advances toward realizing its vision of “better living through better food.” Its shares have soared 54.8% in price over the past month to close yesterday’s trading session at $6.02, due partly to its recent announcement that it will scrap its dual-class capital structure and raise $45 million in a fully backstopped equity rights offering. Matthew Salzberg was the co-founder of the company and its chairman.

In addition, APRN’s shares have declined 21.3% over the past six months and 5.4% over the past nine months. Although the COVID-19 epidemic caused a surge in demand, APRN’s shares have continued to decline as more restaurants reopen.

According to a Grocery Dive report, the meal kit market’s growth rate will decline from roughly 70% in 2020 to 18.2% this year. APRN also faces fierce competition from the top companies in this industry such as HelloFresh SE (Germany). So, APRN’s near-term prospects look uncertain.

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