Blue Apron’s initial public offering couldn’t have come at a worse time. Just before the meal-kit delivery service was set to have its debut on the New York Stock Exchange last month, Amazon announced its intentions to buy Whole Foods for $13.7 billion, raising worries that the e-commerce giant might put Blue Apron in its crosshairs. Suddenly facing potential competition from Amazon’s own grocery-delivery service, Blue Apron lowered its target price from $15-$17 per share to $10-$11 per share, but its value has continued to plummet amid investor fears that the once-promising start-up might go the way of Barnes & Noble.

Now, Blue Apron is facing its nightmare scenario—and its stock is tanking further. On Monday, The Street reported that Amazon has filed a trademark application for what would appear to be its own meal-kit service. The tagline on the application? “We do the prep. You be the chef.” Shares of Blue Apron immediately plummeted about 10 percent, bringing the company’s valuation to an all-time low of $1.24 billion—nearly 33 percent below its market capitalization on the day of its I.P.O.

According to Amazon’s application, C.E.O. Jeff Bezos is looking to create a product consisting of “prepared food kits composed of meat, poultry, fish, seafood, fruit and/or and [sic] vegetables . . . ready for cooking and assembly as a meal”—virtually the same service offered by Blue Apron, but presumably powered by Amazon’s hyper-competitive, highly advanced logistics network. That network would only grow more powerful with the acquisition of Whole Foods, which would give Amazon access to both upscale food offerings and produce delivery hubs in key markets across the country. If Amazon wants to go after Blue Apron, much like Facebook apparently has its sights set on replicating and eliminating Snapchat, it would be well-positioned to do so. Whole Foods customers could be using Amazon Prime to have their groceries delivered directly to their door—while getting access to Amazon’s streaming, music, and other digital properties to boot. With its latest trademark application, Blue Apron’s untimely demise is looking more and more like a fait accompli.