Boxed, Inc. Announces Receipt of Continued Listing Standard Notice from NYSE
November 25 2022 - 4:15PM
Boxed, Inc. (NYSE: BOXD, BOXD WS) (“Boxed” or the “Company”), the
commerce technology company specializing as both an e-commerce
retailer and e-commerce enabler, today announced that the Company
received a written letter from the New York Stock Exchange (the
“NYSE”) that it is not in compliance with Section 802.01B of the
NYSE Listed Company Manual because its average global market
capitalization over a consecutive 30 trading-day period was less
than $50 million and, at the same time, its last reported
stockholders’ equity was less than $50 million.
The Company plans to notify the NYSE by December 8, 2022 that it
intends to submit a plan to cure the deficiency and to return to
compliance with the NYSE continued listing standards. Under the
NYSE’s rules, the Company has 45 days from the receipt of the
notice to submit a plan advising the NYSE of definitive action the
Company has taken, or is taking, which would bring the Company into
compliance with the minimum global market capitalization listing
standard within 18 months of receipt of the notice (the “Cure
Period”). The Company intends to develop and submit a plan to bring
it into compliance with the NYSE continued listing standards within
the required time frame by pursuing measures that are in the best
interests of the Company and its stockholders. The NYSE will review
the plan and, within 45 days of its receipt, determine whether the
Company has made a reasonable demonstration of an ability to
conform to the relevant standards in the Cure Period.
The notice has no immediate impact on the listing of the
Company’s common stock. If the NYSE accepts the plan, the Company’s
common stock will continue to be listed and trade on the NYSE
during the Cure Period, subject to the Company’s compliance with
other NYSE continued listing standards and continued periodic
review by the NYSE of the Company’s progress with respect to its
plan. If the plan is not submitted on a timely basis or is not
accepted by the NYSE, the NYSE could initiate delisting
proceedings.
In addition, as previously disclosed on October 14, 2022, the
Company received written notice from the NYSE on October 13, 2022
that it was not in compliance with Section 802.01C of the NYSE
Listed Company Manual because the average closing price of the
Company’s common stock was less than $1.00 over a consecutive 30
trading-day period. In connection with the October notice, the
Company notified the NYSE that it intends to cure the stock price
deficiency and to return to compliance with the NYSE continued
listing standard with respect to the deficiency under Section
802.01C. The Company is currently within the six-month cure period
following receipt of the October notice.
Forward-Looking StatementsCertain statements in
this press release may constitute “forward-looking statements”
within the meaning of the federal securities laws. Forward-looking
statements generally relate to future events, such as Boxed’s plan
to notify the NYSE of its intent to cure the continued listing
requirement deficiency and any potential plans to cure the
deficiency. In some cases, you can identify forward-looking
statements by terminology such as “intends,” “plans,” and “will,”
or the negative of these terms or variations of them or similar
terminology. Such forward-looking statements are subject to risks,
uncertainties, and other factors which could cause actual results
to differ materially from those expressed or implied by such
forward-looking statements. We have based these forward-looking
statements on our current expectations and assumptions and analyses
made by us in light of our experience and our perception of
historical trends, current conditions and expected future
developments, as well as other factors we believe are appropriate
under the circumstances. However, whether actual results and
developments will conform with our expectations and predictions is
subject to a number of risks and uncertainties, many of which are
beyond our control, including the Company’s ability to regain
compliance with the continued listing standards of the NYSE as set
forth in Sections 802.01B and 802.01C of the NYSE Listed Company
Manual within the applicable cure period, the Company’s ability to
continue to comply with applicable listing standards of the NYSE,
and the other factors under the heading “Risk Factors” in our
Quarterly Report on Form 10-Q for the quarter ended September 30,
2022, and in other filings that the Company has made and may make
with the SEC in the future. All of the forward-looking statements
made in this press release are qualified by these cautionary
statements. The actual results or developments anticipated may not
be realized or, even if substantially realized, they may not have
the expected consequences to or effects on our Company or our
business or operations. Such statements are not intended to be a
guarantee of future performance and actual results or developments
may differ materially from those projected in the forward-looking
statements. You should not place undue reliance on these
forward-looking statements, which are made only as of the date of
this press release. We undertake no obligation to update or revise
any forward-looking statements.
About BoxedBoxed is an e-commerce retailer and
an e-commerce enabler. The Company operates an e-commerce retail
service that provides bulk pantry consumables to businesses and
household customers, without the requirement of a “big-box” store
membership. This service is powered by Spresso, the Company’s own
Software & Service business. From solving challenges with data
using machine-learning modules to re-platforming with end-to-end
technology, Spresso’s purpose-built storefront, marketplace,
analytics, fulfillment, advertising, and robotics technologies
enable better business outcomes for e-commerce customers. The
Company aspires to make a positive social impact with an emphasis
on good Environmental, Social and Governance practices, and as
such, has developed a powerful, unique brand, known for doing right
by its customers, employees and society. For more information,
please visit investors.boxed.com.
Media ContactsDavid TaftBoxeddave@boxed.com
Investor ContactsChris
MandevilleICRBoxedIR@icrinc.com
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