NEW YORK — Shares of meal-kit service Blue Apron Holdings Inc slumped to new lows on Monday in the wake of Amazon.com Inc's move to register a trademark for a possible rival service.
Blue Apron shares tumbled more than 11 percent to $6.51, a drop of nearly 35 percent since its June 29 initial public offering price of $10. The decline came as investors were concerned about its future and the impact of Amazon's planned $13.7 billion acquisition of supermarket chain Whole Foods Market Inc amid a fast-expanding meal-kit industry.
In a filing with the U.S. Patent and Trademark Office on July 6, Amazon registered a trademark application for "prepared food kits composed of meat, poultry, fish, seafood, fruit and/or vegetables" that is ready for cooking and assembly as a meal.
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