Video Source: YouTube, Boxed Wholesale
Online grocery retailer Boxed Inc Announcement On Monday, the merger with Seven Oaks Acquisition Corp (Nasdaq: SVOK), a special purpose acquisition company (SPAC), will open to the public in a transaction that will bring Boxed’s value to approximately $ 900 million.
The deal provides New York-based Boxed with approximately $ 334 million in cash, including $ 120 million in private investment from investors such as Avanda Investment Management, Onex Credit and Brigade Capital Management. I will.
The new company will be led by Boxed CEO and Founder Chieh Huang, and will be chaired by Gary Matthews, Chairman and CEO of Seven Oaks.
The transaction is expected to close by the end of the fourth quarter of 2021.
Founded in 2013, Boxed’s platform allows shoppers to purchase large quantities of goods without having to be a member of a large store. In addition to groceries, online retailers offer household, personal care and wellness products in addition to pet and office supplies.
Boxed said the average order value over the past year has reached $ 100 as the pandemic is accelerating the transition to electronic grocery shopping in the United States.
In a statement on Monday, Mr. Huang said:This transaction is [enable] Boxed to take advantage of the tailwinds that e-commerce businesses are experiencing.This capital too [enable] Fund B2B growth, third-party market expansion, and promote unique SaaS [software-as-a-service] business. “
Huang said CNN On Monday, when Boxed chose SPAC over traditional IPOs, it will be able to reduce regulatory hurdles and raise “amount of capital.”
Source: Equity news