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Introductory Note
This Amendment No. 2 to Schedule 13D (this “Amendment No. 2”) relates to the Class A common stock, par value $0.0001 per share (“Class A Common Stock”), of Blue Apron Holdings, Inc., a Delaware corporation (the “Company”), and amends the Schedule 13D filed on November 15, 2021 (the “Initial Filing”) as amended by Amendment No. 1 filed on February 14, 2022 (together with the Initial Filing, the “Original 13D” and together with this Amendment No. 2, the “13D”). Capitalized terms used but not otherwise defined in this Amendment No. 2 shall have the meanings ascribed to such terms in the Original 13D.
This Amendment No. 2 is being jointly filed by Joseph N. Sanberg, RJB Partners LLC (“RJB Partners”), Long Live Bruce, LLC (“Long Live Bruce”) and Aspiration Growth Opportunities II GP, LLC (“AGO II”, and together with Mr. Sanberg, RJB Partners and Long Live Bruce, the “Reporting Persons”) in connection with the matters described in Item 4 hereof.
Item 2. Identity and Background.
Item 2 of the Original 13D is amended and restated as follows:
(a)–(c): This 13D is being jointly filed by the Reporting Persons. Any disclosures herein with respect to any Reporting Person are made only by such Reporting Person.
The principal residence of Mr. Sanberg is 528 Palisades Drive #525, Pacific Palisades, California 90272. The principal business address of each of RJB Partners, Long Live Bruce and AGO II is 528 Palisades Drive #525, Pacific Palisades, California 90272. Mr. Sanberg’s present principal occupation is being an entrepreneur.
Mr. Sanberg is the managing member of RJB Partners, Long Live Bruce and AGO II. RJB Partners is a limited liability company organized under the laws of the state of Delaware that was formed for the purpose of (i) investing, acquiring, holding, maintaining, developing, managing, operating, selling, exchanging, disposing of and leasing all types of property for the benefit of Mr. Sanberg and his family and (ii) providing business consulting services. Long Live Bruce is a limited liability company organized under the laws of the state of Delaware that was formed for the purpose of investing, acquiring, holding, maintaining, developing, managing, operating, selling, exchanging, disposing of and leasing all types of property for the benefit of Mr. Sanberg and his family. AGO II is a limited liability company organized under the laws of the state of Delaware that was formed for the purpose of investing, acquiring, holding, maintaining, developing, managing, operating, selling, exchanging, disposing of and leasing all types of property for the benefit of Mr. Sanberg and his family.
(d) and (e): During the last five years, none of the Reporting Persons has (i) been convicted in any criminal proceeding (excluding traffic violations or similar misdemeanors), or (ii) been a party to any civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violations with respect to such laws.
(f) Mr. Sanberg is a citizen of the United States of America. RJB Partners, Long Live Bruce and AGO II are Delaware limited liability companies.
Item 3. Source and Amount of Funds or Other Consideration.
On April 29, 2022, RJB Partners entered into a purchase agreement (the “April 2022 Purchase Agreement” and together with the February 2022 Purchase Agreement and the Purchase Agreement, the “Purchase Agreements”) with the Company, pursuant to which RJB Partners agreed to purchase from the Company (i) on April 29, 2022, 1,666,666 shares of Class A Common Stock (the “Initial PIPE Shares”) at a price of $12.00 for each share of Class A Common Stock (or an aggregate purchase price of $20,000,000) and (ii) on May 30, 2022 (or such other date as mutually agreed between RJB Partners and the Company), an additional 1,666,666 shares of Class A Common Stock at a price of $12.00 for each share of Class A Common Stock (or an aggregate purchase price of $20,000,000) for an aggregate of 3,333,333 shares of Class A Common Stock for $40,000,000.
Simultaneously with the closing of the initial acquisition of the Initial PIPE Shares contemplated by the April 2022 Purchase Agreement, RJB Partners assigned its rights to acquire the Initial PIPE Shares pursuant to the April 2022 Purchase Agreement to Long Live Bruce, LLC, a Delaware limited liability company, of which Mr. Sanberg is managing member, and Long Live Bruce assumed all of RJB Partners’ obligations in respect of the Initial PIPE Shares, including the payment of the purchase price thereof, under the April 2022 Purchase Agreement.
The purchase price paid by Long Live Bruce was funded with proceeds from a loan from Metropolitan Partners Group (“MPG”), which is secured by, among other things, a pledge of the Initial PIPE Shares (the “MPG Financing”).
Item 4. Purpose of Transaction.
On April 29, 2022, Mr. Sanberg and RJB Partners proposed an additional investment of $40 million in the Company in the form of a private placement to (i) provide additional capital for growth (including for marketing, new product development and potential environmental, social and corporate governance initiatives identified by the Company and (ii) enable the Company to repay all outstanding indebtedness under the Financing Agreement dated as of October 16, 2020 (the “Financing Agreement”), by and among, Blue Apron, LLC, the Company and certain other subsidiaries of the Company party thereto as subsidiary guarantors, the lenders party thereto from time to time, and Blue Torch, as administrative agent and collateral agent for such lenders, as amended by that Amendment No. 1 to the Financing Agreement, dated as of November 19, 2020 and that Amendment No. 2 to Financing Agreement, dated as of May 5, 2021.