(Bloomberg) -- Blue Apron Holdings Inc. fell to a record low after withdrawing its forecast because it hasn’t received expected funding from affiliates of one of its top investors.

The meal-kit delivery platform said Monday that as a result of the funding delay, it entered into a pledge agreement with one of the affiliates to secure payment of $56.5 million the company is owed. Blue Apron is allowed to take action under the agreement if the money isn’t paid by Nov. 30. If it doesn’t get funds or negotiate relief from its lenders, the company expects it will breach its minimum-liquidity covenant as early as later this month.

Cash concerns have plagued Blue Apron, and its private placement with longtime investor Joseph Sanberg has been a rocky solution. The company said a month ago that it wasn’t sure about the timing of the commitment from Sanberg’s affiliate, RJB Partners LLC. Sanberg in May asked his Twitter followers whether he should take Blue Apron private.

On Monday, the New York-based company cited uncertainty around funding for its decision to pull its revenue guidance for 2022.

Sanberg didn’t immediately return an email message seeking comment before normal business hours.

The shares slipped 17% at 9:35 a.m. in New York to $1.71.

(Updates shares in first and sixth paragraphs.)

©2022 Bloomberg L.P.