Blue Apron craters below $1 (APRN)

With subscription models being popular in tech industry but still relatively novel on wall street: Blue Apron had enough subscription details to show that their cost of customer acquisition was skyrocketing and the churn was looking shaky.

The numbers were all there in their filings if you cared to look. Most people looked, didn't like what they saw, but the deal got done anyways. Credit to the investment bankers, I guess.

Meal kits are cool, when they're at the grocery store. I buy them sometimes. But having to choose in advance (or worse, having rotating menus), deal with shipping, and commit to a subscription kills the business model.

I wonder what position the investors prior to the IPO still have.