Boxed, Inc. Announces Exploration of Strategic Alternatives
January 05 2023 - 6:50AM
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 its Board of
Directors (the “Board”), with the support of management and
financial and legal advisors, has launched a process to explore
strategic alternatives, including, among other alternatives, a
possible sale of the Company. In addition, the Company is, in
parallel, actively exploring capital raising initiatives, and is
targeting the announcement of additional funding within the next 45
days.
The Board has retained Cowen and Solomon Partners Securities,
LLC as its financial advisors and Freshfields Bruckhaus Deringer
(US) LLP as its legal advisor to assist with the strategic
alternatives process.
There can be no assurance that any offers will be made or
accepted, that any agreement will be executed, or that any
transaction will be consummated, in connection with the strategic
alternatives or capital raising processes. Boxed does not intend to
make further announcements about the strategic alternatives or
capital raising processes unless and until the Board has approved a
specific transaction or otherwise determines that further
disclosure is appropriate or necessary.
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 the Company’s
strategic alternatives and capital raising processes. In some
cases, you can identify forward-looking statements by terminology
such as “intend,” 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 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.
Investor ContactChris
MandevilleICRBoxedIR@icrinc.com
Media ContactDavid TaftBoxedpress@boxed.com
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