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 it is working with online
marketplace Hive Brands (“Hive”) to fuel its e-commerce operations
by providing it with a suite of software technology and services as
early as January 2022.
Hive, led by Co-founder and CEO, Thomas Ellis, has
created an online grocery shop where every purchase contributes to
a more sustainable and equitable world. Each brand sold on Hive’s
platform is carefully vetted for sustainability and social impact,
and the company practices carbon neutral shipping and uses 100%
recyclable shipping materials. Hive is planning to utilize Boxed’s
proprietary e-commerce technology and fulfillment services to help
power its platform.
“At Hive, sustainability and social good are at
the heart of everything we do, and we are proud to partner with
Boxed as we have a shared commitment to ESG and sustainability,”
said Mr. Ellis. “We admire Boxed’s early commitment to
sustainability and social change. They were one of the first online
retailers to focus on selling goods in bulk, which means a lower
carbon footprint. And we applaud their commitments in support of
equality, such as employing a team that is majority diverse, and
fighting against the Pink Tax. By utilizing Boxed’s cutting edge
technology stack, we are well positioned to deliver an improved
customer experience for all Hive consumers as we scale our
business.”
Chieh Huang, Co-founder and Chief Executive
Officer of Boxed, said, “We are excited to work with Thomas and the
team at Hive as we help them elevate their e-commerce technology
and omni-channel capabilities with our proprietary e-commerce
technology. Hive is making it easier for consumers to make
sustainable choices and use their dollars to support positive
change, which is aligned with our core values at Boxed and was a
key component for why we chose to work with them. We look forward
to launching with Hive and will continue to explore additional
strategic partnerships as we scale our technology.”
Boxed initially expanded its software and services
platform through an exclusive partnership with Aeon, which was
successfully implemented in Malaysia. The Company is currently
exploring more opportunities with Aeon, including expanding into
Vietnam and other Southeast Asian markets. Additionally, the
Company recently announced it expects to launch its software and
services technology in the Middle East and North Africa markets by
the first half of 2022 through a partnership with 786 Holdings
Limited.
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.
About Boxed Boxed 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.
About Hive Brands Hive is an
online marketplace for sustainable groceries, where conscious
shoppers can make an impact with every purchase. Founded in 2020,
the company is on a mission to create an ecosystem where every
purchase contributes to a more sustainable and equitable
world. Each brand sold on Hive has been carefully vetted for
sustainability and impact (the "Hive Five" criteria), so shoppers
can get lost in Hive’s virtual grocery aisles with peace of mind:
Every single item tastes great, does good, and supports small
businesses. Hive practices carbon neutral shipping and uses
100% recyclable shipping materials. Start shopping your values
today at https://hivebrands.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, that will be both the proxy statement
to be distributed to Seven Oaks' stockholders 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, and relating to the offer and sale of the
securities to be issued in the business combination to certain of
Boxed’s stockholders. After the registration statement is declared
effective, Seven Oaks will mail a definitive proxy
statement/prospectus and other relevant documents to its
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.
When available, the definitive proxy
statement/prospectus and other relevant materials for the proposed
business combination will be mailed to stockholders of Seven Oaks
as of a record date to be 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 will be included in
the proxy statement/prospectus for the business combination when
available.
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. 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 Contacts Seven Oaks:
Drew Pearson drew@sevenoaksacquisition.com
Boxed: Chris Mandeville ICR BoxedIR@icrinc.com
Media Contacts Boxed: Keil Decker
ICR BoxedPR@icrinc.com
Hive Brands: Matthew Arnhols
Matthew@Hivebrands.com
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