NEW YORK, December 08, 2021 (GLOBE NEWSWIRE) – Boxed, Inc. (NYSE: BOXD, BOXD WS) (“Boxed” or the “Company”), an online grocery platform that sells bulk consumables and authorizes its e-commerce software for enterprise retailers, announced today that it has completed its previously announced business combination with Seven Oaks Acquisition Corp. (“Seven Oaks”) (Nasdaq: SVOK, SVOKU, SVOKW), a specialist acquisition company.
Following the completion of the Business Combination, the Combined Company was renamed Boxed, Inc. and its common shares and warrants will begin trading on the New York Stock Exchange (“NYSE”) under the new ticker symbols “BOXD ”And“ BOXD WS ”, respectively, on December 9, 2021. The transaction was approved by the shareholders of SVOK at its special meeting held on December 7, 2021, and approval was also obtained from the shareholders of Boxed.
“We are delighted to announce the finalization of our business combination with Seven Oaks and move to this next chapter as a public company,” said Chieh Huang, CEO of Boxed. “Today is an important step in our journey. We look forward to using this additional capital to fuel the growth of our B2C and B2B platforms where we plan to drive customer acquisition, further improve our loyalty programs, judiciously expand our product assortment, continue to help the world source from our cutting-edge technology, and most importantly, to invest in our high-margin software and services business.
Gary Matthews, Chairman and CEO of Seven Oaks Acquisition Corp., said, “We are proud to play a role in bringing a socially responsible company like Boxed to market. Chieh and the management team at Boxed are extremely talented, and we believe the company has a leading e-commerce platform with significant competitive advantages and opportunities to accelerate growth that will drive the creation of long-term stakeholder value. “
The combined company will continue to be led by Chieh Huang alongside the rest of Boxed’s current management team. Gary Matthews, President and CEO of Seven Oaks, will serve as Chairman of the Board of Directors of Boxed. Other members of the Board of Directors include the following senior executives with extensive leadership experience: Yuki Habu, David Liu, Emerson S. Moore II, Andrew Pearson, Harshul Sanghi, Eileen Serra and Jared Yaman.
The Business Combination Allows Boxed To Raise Approximately $ 198 Million In Gross Cash Proceeds From A Combination Of Seven Oaks’ Cash In Trust Of Approximately $ 78 Million, As Well As Fully Private Placement Funding. committed $ 120 million. No secondary shares were sold by existing Boxed shareholders as part of the transaction.
Citi and Solomon Partners acted as financial advisers to Boxed. Wells Fargo Securities, Nomura and JonesTrading Institutional Services acted as capital markets and financial advisers to SVOK. BTIG acted as a capital markets advisor to Boxed. Wells Fargo Securities, Nomura and JonesTrading Institutional Services LLC acted as placement agents for SVOK. Latham & Watkins acted as legal counsel to Boxed. Winston & Strawn acted as legal counsel to SVOK. Proskauer Rose acted as legal advisor to the placement agents.
About the box
Boxed is an ecommerce retailer and ecommerce enabler. The Company operates an e-commerce retail service that provides bulk pantry consumables to businesses and households without the requirement of a “big box” store subscription. This service is powered by the company’s own storefront, marketplace, analytics, execution, advertising and robotics technologies. Boxed further enables e-commerce through its Software and Services business, which provides customers requiring an enterprise-level e-commerce platform access to its end-to-end technology. The Company aspires to have a positive social impact by emphasizing good environmental, social and governance (“ESG”) practices and, as such, has developed a powerful and unique brand, known for doing good through its customers, its employees and society. For more information, please visit investors.boxed.com.
Certain statements contained in this press release may be considered as forward-looking statements. Forward-looking statements generally relate to future events or the future financial or operational performance of Boxed. For example, statements regarding the timing of listing on NYSE, the competitive environment in which Boxed operates and the expected future operational and financial performance and market opportunities of Boxed are forward-looking statements. In some cases, you can identify forward-looking statements by words such as “pro forma”, “may”, “should”, “could”, “could”, “plan”, “possible”, “project”, “s ‘strive’, “budget”, “plan”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential” or “continue”, or the negatives of these terms or their variations or similar terminology. These forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements.
These forward-looking statements are based on estimates and assumptions which, while believed to be reasonable by Boxed and its management, are inherently uncertain. Factors that could cause actual results to differ materially from current expectations include, but are not limited to: (i) the outcome of any legal proceedings that may be brought against Boxed or others as a result of the announcement the business combination and any definitive agreement relating thereto; (ii) the ability to meet stock exchange listing standards after the completion of the business combination; (iii) the risk that the business combination will disrupt Boxed’s current plans and operations following the announcement and completion of the business combination; (iv) the ability to recognize the anticipated benefits of the business combination, which may be affected, among other things, by competition, the ability of Boxed to grow and manage its growth profitably, to maintain customer relationships and suppliers and retain its leadership and key employees; (v) costs associated with business combinations and being a public company; (vi) changes in applicable laws or regulations; (vii) the possibility that Boxed will be adversely affected by other economic, commercial, regulatory and / or competitive factors; (viii) Boxed’s expense and profitability estimates; (ix) the evolution of the markets in which Boxed competes; (x) Boxed’s ability to implement its strategic initiatives and continue to innovate in its existing offerings; (xi) Boxed’s ability to defend its intellectual property; (xii) Boxed’s ability to meet regulatory requirements; (xiii) the impact of the COVID-19 pandemic on Boxed’s activities; and (xiv) other risks and uncertainties set out in the section entitled “Risk Factors” and “Caution Regarding Forward-Looking Statements” in the Company’s Management Proxy Circular / Final Prospectus relating to the business combination. .
Nothing in this press release should be taken as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the intended results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date on which they are made. Boxed assumes no obligation to update these forward-looking statements.