Boxed (“Boxed” or the “Company”), an e-commerce grocery platform
which sells bulk consumables and licenses its e-commerce software
to enterprise retailers, today announced the signing of a
definitive agreement to acquire MaxDelivery, one of New York’s
first on-demand grocery delivery services. The transaction is
expected to close in December 2021, subject to certain undisclosed
financial terms and customary closing conditions.
MaxDelivery provides New Yorkers with a fast, easy, and
convenient way to have a broad assortment of groceries delivered
directly to their door on-demand, through its one-hour delivery
service in Manhattan. Since its inception in 2004, MaxDelivery has
consistently delivered premium quality service to its customers,
processing approximately 2 million orders to date. MaxDelivery
differentiates itself from other ultrafast delivery businesses due
to its high average order values of approximately $100, helping
yield a history of strong unit economics. Further, all of its
employees are full time W-2s, as opposed to 1099 contractors, which
allows MaxDelivery to offer consistent quality service, driving
customer loyalty with approximately 98% of orders coming from
repeat customers each year. Through the acquisition, Boxed will
broaden its capabilities in micro dark-store fulfillment and rapid
on-demand grocery delivery. Boxed customers in select markets will
also enjoy a significantly expanded fresh assortment offering.
MaxDelivery will also become a client of Boxed’s Software &
Services, adopting its proprietary commerce technology to help
enable scalability of its operations, and expansion into additional
markets over time.
Chieh Huang, Co-founder and Chief Executive Officer of Boxed,
said, “This acquisition of MaxDelivery will mark our entry point
into the rapidly growing fast-grocery delivery space, in addition
to broadening our capabilities in micro dark-store fulfillment and
fresh supply chain. Boxed customers have expressed how they value
fresh groceries and we are excited to be able to deliver a more
comprehensive product offering while benefiting from a
complimentary business model with similarly high average order
values as Boxed. In the months after closing, we plan to implement
MaxDelivery’s model into several additional regions as we generate
value for the entire Boxed ecosystem. We believe that MaxDelivery
will also benefit from the use of Boxed software technology as it
becomes a client of our Software business.”
Chris Siragusa, Founder, President and CTO of MaxDelivery who
will join Boxed’s senior leadership team as SVP, Operations,
commented, “Empowering New Yorkers to get their fresh groceries
online has been our vision since our inception and with Boxed’s
support, we will be able to replicate our highly scalable,
profitable model into several new markets. We are thrilled to
become a part of a Company that is poised for success, led by an
exceptional management team, and has a proven commitment to ESG. We
are looking forward to becoming a part of the Boxed family.”
On June 13, 2021, Boxed and Seven Oaks Acquisition Corp. (“Seven
Oaks” or “SVOK”) (Nasdaq: SVOK, SVOKU, SVOKW), a publicly-traded
special purpose acquisition company, entered into a definitive
agreement relating to the business combination that would result in
Boxed becoming a public company upon the closing of the
transaction. Boxed also announced its intention to list on the New
York Stock Exchange (“NYSE”) upon the closing of the business
combination, which is expected in the fourth quarter of 2021. The
combined company will be called Boxed, Inc. and its common stock
and warrants are expected to list on the NYSE under the new ticker
symbols “BOXD” and “BOXD WS,” respectively.
Supplemental MaterialsA related investor
presentation with more detailed information regarding the proposed
transaction will be available at
https://www.sevenoaksacquisition.com/events-and-presentations.
About BoxedBoxed is an e-commerce retailer and
an e-commerce enabler. The Company operates an e-commerce retail
service that provides bulk pantry consumables to businesses and
household customers, without the requirement of a “big-box” store
membership. This service is powered by the Company’s own
purpose-built storefront, marketplace, analytics, fulfillment,
advertising, and robotics technologies. Boxed further enables
e-commerce through its Software & Services business, which
offers customers in need of an enterprise-level e-commerce platform
access to its end-to-end technology. The Company has developed a
powerful, unique brand, known for doing right by its customers,
employees and society.
About Seven Oaks Acquisition Corp.Seven Oaks
Acquisition Corp. is a special purpose acquisition company formed
for the purpose of entering into a business combination. Its goal
is to deliver attractive and sustainable returns to investors
through an investment in a growth-oriented company that aspires to
make a positive social impact with an emphasis on good
Environmental, Social and Governance (“ESG”) practices. Seven Oaks
raised $258.75 million in its initial public offering in December
2020 and its securities are listed on Nasdaq under the tickers
“SVOK,” “SVOKU” and “SVOKW.” Seven Oaks is led by an experienced
team of managers, operators and investors who have played important
roles in helping build and grow profitable public and private
businesses to create value for stockholders. For more information
please visit www.sevenoaksacquisition.com.
Important Information About the Business Combination and
Where to Find It
Seven Oaks has filed a registration statement on Form S-4 with
the SEC, which includes a proxy statement/prospectus. The
registration statement has been declared effective and the proxy
statement/prospectus has been distributed to Seven Oaks'
stockholders that is both the proxy statement in connection with
its solicitation of proxies for the vote by Seven Oaks’
stockholders with respect to the business combination and other
matters as may be described in the registration statement, as well
as the prospectus relating to the offer and sale of the securities
to be issued in the business combination to certain of Boxed’s
stockholders. This press release does not contain all the
information that should be considered concerning the proposed
business combination and is not intended to form the basis of any
investment decision or any other decision in respect of the
business combination. Seven Oaks' stockholders and other interested
persons are advised to read the preliminary proxy
statement/prospectus included in the registration statement and the
amendments thereto and the definitive proxy statement/prospectus
and other documents filed in connection with the proposed business
combination, as these materials will contain important information
about Boxed, Seven Oaks and the business combination.
The definitive proxy statement/prospectus and other relevant
materials for the proposed business combination have been mailed to
stockholders of Seven Oaks as of October 26, 2021, the record date
established for voting on the proposed business combination.
Stockholders will also be able to obtain copies of the preliminary
proxy statement, the definitive proxy statement and other documents
filed with the SEC, without charge, once available, at the SEC’s
website at www.sec.gov, or by directing a request to Seven Oaks’
secretary at 445 Park Avenue, 17th Floor, New York, NY 10022, (917)
214-6371.
Participants in the Solicitation
Seven Oaks and its directors, executive officers, other members
of management and employees, under SEC rules, may be deemed to be
participants in the solicitation of proxies of Seven Oaks’
stockholders in connection with the business combination. Investors
and security holders may obtain more detailed information regarding
the names and interests in the business combination of Seven Oaks’
directors and officers in Seven Oaks’ filings with the SEC,
including the Registration Statement on Form S-4 filed with the SEC
by Seven Oaks, which includes the proxy statement/prospectus of
Seven Oaks for the business combination. Stockholders can obtain
copies of Seven Oaks’ filings with the SEC, without charge, at the
SEC’s website at www.sec.gov.
Boxed and its directors and executive officers may also be
deemed to be participants in the solicitation of proxies from the
stockholders of Seven Oaks in connection with the proposed business
combination. A list of the names of such directors and executive
officers and information regarding their interests in the proposed
business combination are included in the proxy statement/prospectus
for the business combination.
Forward-Looking Statements
Certain statements in this press release may be considered
forward-looking statements. Forward-looking statements generally
relate to future events, such as expected timing for the proposed
business combination and expected benefits of Boxed’s pending
acquisition of MaxDelivery. For example, statements regarding the
satisfaction of closing conditions to the proposed business
combination and the timing of the completion of the proposed
business combination are forward-looking statements. In some cases,
you can identify forward-looking statements by terminology such as
"pro forma", "may", "should", "could", "might", "plan", "possible",
"project", "strive", "budget", "forecast", "expect", "intend",
"will", "estimate", "anticipate", "believe", "predict", "potential"
or "continue", or the negatives of these terms or variations of
them or similar terminology. Such forward-looking statements are
subject to risks, uncertainties, and other factors which could
cause actual results to differ materially from those expressed or
implied by such forward-looking statements.
These forward-looking statements are based upon estimates and
assumptions that, while considered reasonable by Seven Oaks and its
management, and Boxed and its management, as the case may be, are
inherently uncertain. Factors that may cause actual results to
differ materially from current expectations include, but are not
limited to: (i) the occurrence of any event, change or other
circumstances that could give rise to the termination of subsequent
definitive agreements with respect to the proposed business
combination; (ii) the outcome of any legal proceedings that may be
instituted against Seven Oaks, Boxed, the combined company or
others following the announcement of the business combination and
any definitive agreements with respect thereto; (iii) the inability
to complete the business combination due to the failure to obtain
approval of the stockholders of Seven Oaks or Boxed; (iv) the
inability of Boxed to satisfy other conditions to closing; (v)
changes to the proposed structure of the business combination that
may be required or appropriate as a result of applicable laws or
regulations or as a condition to obtaining regulatory approval of
the business combination; (vi) the ability to meet stock exchange
listing standards in connection with and following the consummation
of the proposed business combination; (vii) the risk that the
proposed business combination disrupts current plans and operations
of Boxed as a result of the announcement and consummation of the
proposed business combination; (viii) the ability to recognize the
anticipated benefits of the business combination, which may be
affected by, among other things, competition, the ability of the
combined company to grow and manage growth profitably, maintain
relationships with customers and suppliers and retain its
management and key employees; (ix) costs related to the business
combination; (x) changes in applicable laws or regulations; (xi)
the possibility that Boxed or the combined company may be adversely
affected by other economic, business, regulatory, and/or
competitive factors; (xii) Boxed's estimates of expenses and
profitability; (xiii) the evolution of the markets in which Boxed
competes; (xiv) the ability of Boxed to implement its strategic
initiatives and continue to innovate its existing offerings; (xv)
the ability of Boxed to defend its intellectual property; (xvi) the
ability of Boxed to satisfy regulatory requirements; (xvii) the
impact of the COVID-19 pandemic on Boxed's and the combined
company's business; and (xviii) other risks and uncertainties set
forth in the section entitled "Risk Factors" and "Cautionary Note
Regarding Forward-Looking Statements" in the registration statement
on Form S-4 referenced above and other documents to be filed with
the SEC by Seven Oaks.
Nothing in this press release should be regarded as a
representation by any person that the forward-looking statements
set forth herein will be achieved or that any of the contemplated
results of such forward-looking statements will be achieved. You
should not place undue reliance on forward-looking statements,
which speak only as of the date they are made. Neither Seven Oaks
nor Boxed undertakes any duty to update these forward-looking
statements.
Investor ContactsSeven Oaks:Drew
Pearsondrew@sevenoaksacquisition.com
Boxed:Chris MandevilleICRBoxedIR@icrinc.com
Media ContactsBoxed:Keil
DeckerICRBoxedPR@icrinc.com
Seven Oaks Acquisition (NASDAQ:SVOKU)
Historical Stock Chart
From Jun 2024 to Jul 2024
Seven Oaks Acquisition (NASDAQ:SVOKU)
Historical Stock Chart
From Jul 2023 to Jul 2024