Boxed To Go Public In $900M SPAC Deal

Online wholesale retailer Boxed.com said it would go public through a merger with a Special Purpose Acquisition Company (SPAC), Seven Oaks Acquisition Corp SVOK, the Wall Street Journal reports.
The combined value of the company is estimated to be about $900 million.
The move comes after a surge in demand for delivery services during the COVID-19 pandemic.
Boxed will receive $887 million in equities and $334 million in cash through the deal.
The deal is expected to close in the fourth quarter.
Chieh Huang, Chief Executive Officer of Boxed, said the company would concentrate on making more deliveries to businesses than to private households to become profitable.
SPACs, also known as blank check companies, has gained popularity in recent times as the easiest way for star-up to go public and raise capital.
Price action: SVOK shares are trading higher by 0.71% at $9.88 in premarket trading on last check Monday.
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