Amazon's next big thing might rival Blue Apron

Jeff Bezos

It can also offer meal kits for in-store pickup, in addition to the kind of delivery subscription Blue Apron offers.

Blue Apron shares tumbled more than 11 percent to $6.51, a drop of almost 35 percent since its June 29 initial public offering price of $10.

Shares of Blue Apron (APRN - Free Report) fell 9% in morning trading on Monday after news broke that Amazon.com (AMZN - Free Report) has registered a trademark in the US for a meal-kit business. (WFM) already torpedoed Blue Apron Holdings Inc.'s (APRN) IPO. Techcrunch noted that Amazon has filed for two other trademarks related to meal kits this year, including another slogan, "We prep".

Now that Amazon appears poised to enter the meal-kit market, Blue Apron faces a truly formidable challenge.

That's not all, the company recently announced that it was spending nearly $14 billion to acquire Whole Foods. In the middle of Blue Apron's road show to investors ahead of the IPO, Amazon announced it would make a big bid for Whole Foods, basically stealing Blue Apron's thunder and giving it a massive question mark for its future.

Concerns about competition forced Blue Apron to take the rare step of slashing its initial public offering price before going public on June 29.

Thanks to the stock plunge on Monday, Blue Apron is now worth about $1.3 billion.

The fall in share price value could have additional implications for the unprofitable meal kit-delivery company. If the company becomes strapped for cash, it may increase its borrowing capacity under a revolving credit facility or raise additional funds through equity or debt financing arrangements, the filing said.

On Monday it dropped 84 cents, or 11.4 percent, to $6.52 while Amazon added $8.68 to $1,010.49.

Amazon shares rose almost 1 percent to $1010.93 on Monday, up 4.4 percent for the month, while Blue Apron shares were off about 30 percent for July.

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