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Boxed, an e-commerce grocery platform, announced a new $45 million secured credit facility from BlackRock, maturing on August 4, 2025. This facility aims to enhance customer acquisition, product assortment, and loyalty programs. In addition, Boxed is set to merge with Seven Oaks Acquisition Corp. (Nasdaq: SVOK, SVOKU, SVOKW), becoming a public company in Q4 2021, with plans to list on the NYSE under the ticker symbols 'BOXD' and 'BOXD WS'. The merger is expected to bolster Boxed's growth through innovative technology and expanded offerings.
Boxed, an e-commerce grocery platform, announced its participation in the Canaccord Genuity 41st Annual Growth Conference on August 12, 2021, featuring a fireside chat at 8:30 a.m. EST. The event will be available for live streaming and replay on Boxed's Investor Relations website.
A business combination with Seven Oaks Acquisition Corp. (SVOK) was announced on June 13, 2021, expected to close in Q4 2021, resulting in Boxed becoming a public company with new ticker symbols BOXD and BOXD WS.
Seven Oaks Acquisition Corp. (SVOK) announced its proposed business combination with Boxed, an e-commerce grocery platform, aiming to make Boxed a public company. The deal, valued at approximately $900 million, involves a net cash injection of $334 million, combining Seven Oaks' cash in trust and a private placement financing. Listing on the New York Stock Exchange under BOXD and BOXD WS is planned, enhancing institutional exposure and liquidity for Boxed. The transaction is projected to close in Q4 2021.
Boxed, Inc. has announced a definitive agreement with Seven Oaks Acquisition Corp. (SVOK) to merge and become a public company, expected to close in Q4 2021. The transaction will provide Boxed with $334 million in net cash proceeds through Seven Oaks' cash in trust and additional institutional investments. Boxed anticipates over 40% year-over-year net revenue growth for 2022, with an implied equity value of around $900 million. This merger aims to enhance Boxed's growth in the booming online grocery market, valued at over $100 billion, alongside an innovative SaaS offering.
