Why Boxed Shares Are Down 46% Wednesday

Boxed Inc BOXD shares are trading lower by 46.85% to $0.22 Wednesday morning after the company said it's evaluating potentially filing for relief under the U.S. Bankruptcy Code and other strategic alternatives.

Additionally, Boxed also said as of March 10, the company held a majority of its cash deposits and other liquid instruments in SVB Financial Group SIVB accounts.

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As of March 13, Boxed transferred a majority of its cash out of SVB accounts and is establishing a new commercial banking relationship.

According to data from Benzinga Pro, Boxed Inc has a 52-week high of $12.45 and a 52-week low of $0.18.