Blue Apron
  • Blue Apron hit a record low of $1.50 a share on Tuesday.
  • The meal-kit maker announced it was launching a pilot program for on-demand delivery in New York City on the Grubhub and Seamless online and mobile platforms.
  • Blue Apron shares are down 85% since their June 2017 initial public offering.

Blue Apron sank to its lowest level on record Tuesday after announcing its meal kits would be available for on-demand delivery in New York City.

Shares sold off more than 6%, hitting a record low of $1.50, after the meal-kit maker announced it was launching a pilot program for on-demand delivery in New York City on the Grubhub and Seamless online and mobile platforms. The program will offer customers “fresh, pre-portioned ingredients to easily cook two- or four-serving a la carte meals in 30 minutes or less,” and will…