Money Makers Mentor

Online Bulk Retailer Boxed to go Public Through SPAC Deal

Boxed, also known as the “the Costco for Millennials” is all set to go public via a SPAC acquisition. The E-commerce retailer is being acquired by Seven Oaks Acquisition Corp. (Nasdaq: SVOK), a publicly-traded blank check company. Once merged, the company will be renamed Boxed Inc. The enterprise value of the new firm after the acquisition is quoted at approximately $900 million. However, the dealing doesn’t require the prevailing shareholders of Boxed to sell their secondary shares and they will hold about 62% of the newly formed company.

Board of Directors of both the companies have sanctioned the transaction. However, the shareholders of either parties are yet to give the final confirmation. Keeping in mind the regulatory compliances and other mandatory sanctions, the deal will be c…

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