Boxed went public via a SPAC merger with Seven Oaks Acquisition in a $900m deal.

Boxed, an e-commerce grocery shopping platform selling bulk consumables to households and businesses, went public via a merger with Seven Oaks Acquisition, a blank cheque company, in a $900m deal. The combined company is expected to receive $334m in net cash proceeds from Seven Oaks’ cash in trust of $259m, as well as a $120m PIPE by Brigade Capital, Avanda Investment, and Onex Credit. “We are thrilled to announce the completion of our business combination with Seven Oaks and advance to this next chapter as a public company. Today represents a significant milestone in our journey. We are eager to use this additional capital to fuel the growth of our B2C and B2B platforms where we plan to drive customer acquisition, further enhance our loyalty programs, thoughtfully expand our product assortment, continue to help the world stock up through our breakthrough technology, and importantly, invest in our high margin Software and Services business," Chieh Huang, Boxed CEO.