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Seven Oaks Acquisition Corp. Business Combination with Boxed, Inc.

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Insight

Seven Oaks Acquisition Corp. Business Combination with Boxed, Inc.

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1 Min Read

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Transactions
Mergers & Acquisitions
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December 8, 2021

Winston & Strawn LLP represented Seven Oaks Acquisition Corp. (Seven Oaks) (Nasdaq: SVOK, SVOKU, SVOKW), a special purpose acquisition company, in connection with its business combination with Boxed, Inc. (NYSE: BOXD, BOXD WS) (the Company), an e-commerce grocery platform which sells bulk consumables and licenses its e-commerce software to enterprise retailers. Following consummation of the business combination, the combined company was renamed "Boxed, Inc." and its common stock and warrants began trading on the NYSE under the new ticker symbols “BOXD” and “BOXD WS,” respectively, on December 9, 2021. The transaction was approved by SVOK shareholders at its Special Meeting held on December 7, 2021, and approval was also obtained from Boxed shareholders. The business combination enables Boxed to raise approximately US$198M in gross cash proceeds from a combination of Seven Oaks’ cash in trust of approximately US$78M, as well as a US$120M fully committed private placement financing. There were no secondary shares sold by existing Boxed shareholders in the transaction.

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