E-commerce grocery shopping platform Boxed has announced plans to go public through a business combination with special purpose acquisition company Seven Oaks Acquisition Corporation. The deal, born out of pandemic demand, will value the combined company at approximately $900 million.Who is the current CEO of boxed foods?
Through the deal, which values Boxed at roughly $900 million, Boxed will go public in the U.S. under its current name and receive $334 million in net cash. The new company will be led by Boxed’s existing CEO Chieh Huang while Gary Matthews, Seven Oak’s chairman and CEO, serve as board chairman.Why did boxed go public through a SPAC?
Huang explained that Boxed decided to go public through a SPAC rather than a traditional IPO due to the size of its B2B business. "Most folks out there don’t know that we have a very sizable B2B business that was heavily affected by COVID last year, Huang said.How long does it take for boxed goods to get to Your Doorstep?
Boxed does all the heavy lifting, delivering a rich array of wholesale items directly to doorsteps across the continental United States in two days or less.