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Boxed Also Announces Intention to List Its Common Stock and Warrants on the New York Stock Exchange Under the Ticker Symbols (NYSE:BOXD) and (NYSE:BOXD), Respectively
NEW YORK, July 20, 2021 (GLOBE NEWSWIRE) -- Seven Oaks Acquisition Corp. (“Seven Oaks” or “SVOK”) (NASDAQ:SVOK, SVOKU, SVOKW))), a publicly-traded special purpose acquisition company, today announced that it has filed with the U.S. Securities and Exchange Commission ("SEC") a registration statement on Form S-4 (the "Registration Statement") in connection with its proposed business combination with Boxed (“Boxed” or “the Company”), an e-commerce grocery shopping platform selling bulk consumables to households and businesses.
Boxed and Seven Oaks entered into a definitive agreement relating to the business combination on June 13, 2021 that would result in Boxed becoming a public company upon the closing of the transaction. Boxed will continue to be led by Chieh Huang, Boxed’s Chief Executive Officer. Gary Matthews, Chairman and Chief Executive Officer of Seven Oaks, will serve as Boxed’s Chairman of the Board when the business combination is complete.
Boxed also announced its intention to list on the New York Stock Exchange (“NYSE”) upon the closing of the business combination. The combined company will be called Boxed, Inc. and its common stock and warrants are expected to list on the NYSE under the new ticker symbols “BOXD” and “BOXD WS”, respectively. Seven Oaks’ securities will remain listed on Nasdaq and continue to trade under the tickers “SVOK,” “SVOKU” and “SVOKW” until the transfer to NYSE is complete upon the closing of the business combination.
Mr. Huang stated, “Listing on the NYSE will be an important milestone for Boxed as we believe it will amplify institutional exposure to our unique, multi-pronged growth story, as well as enhance the Company’s presence in the US capital markets and improve the liquidity of our shares. With this filing, we have achieved significant progress toward completing our business combination, which is a key step forward to position Boxed for our next phase of growth. We are very excited about our NYSE listing and look forward to our first day of trading as a public company.”
“We look forward to welcoming Boxed to the NYSE community and our extraordinary network of NYSE-listed companies that aspire to make a positive social impact,” said John Tuttle, NYSE Group’s Vice Chairman and Chief Commercial Officer.
Under the terms of the proposed transaction, Boxed and Seven Oaks will merge with a pro forma combined equity value of approximately $900 million. The combined company is expected to receive $334 million in net cash proceeds from a combination of Seven Oaks’ cash in trust of approximately $259 million, assuming no redemptions by Seven Oaks’ public stockholders, as well as a $120 million fully committed private placement financing. There are no secondary shares being sold by existing Boxed shareholders in the transaction. The transaction will require the approval of the stockholders of both Seven Oaks and Boxed, and is subject to other customary closing conditions, including the effectiveness of the registration statement referenced above and the receipt of certain regulatory approvals. The transaction is expected to close in the fourth quarter of 2021.
