Boxed, Inc. Announces Exploration of Strategic Alternatives

NEW YORK, Jan. 05, 2023 (GLOBE NEWSWIRE) -- Boxed, Inc. (NYSE: BOXD, BOXD WS) (“Boxed” or the “Company”), the commerce technology company specializing as both an e-commerce retailer and e-commerce enabler, today announced that its Board of Directors (the “Board”), with the support of management and financial and legal advisors, has launched a process to explore strategic alternatives, including, among other alternatives, a possible sale of the Company. In addition, the Company is, in parallel, actively exploring capital raising initiatives, and is targeting the announcement of additional funding within the next 45 days.

The Board has retained Cowen and Solomon Partners Securities, LLC as its financial advisors and Freshfields Bruckhaus Deringer (US) LLP as its legal advisor to assist with the strategic alternatives process.

There can be no assurance that any offers will be made or accepted, that any agreement will be executed, or that any transaction will be consummated, in connection with the strategic alternatives or capital raising processes. Boxed does not intend to make further announcements about the strategic alternatives or capital raising processes unless and until the Board has approved a specific transaction or otherwise determines that further disclosure is appropriate or necessary.

Forward-Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements generally relate to future events, such as the Company’s strategic alternatives and capital raising processes. In some cases, you can identify forward-looking statements by terminology such as “intend,” and “will,” or the negative 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. We have based these forward-looking statements on our current expectations and assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate under the circumstances. However, whether actual results and developments will conform with our expectations and predictions is subject to a number of risks and uncertainties, many of which are beyond our control, including other factors under the heading “Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, and in other filings that the Company has made and may make with the SEC in the future. All of the forward-looking statements made in this press release are qualified by these cautionary statements. The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on our Company or our business or operations. Such statements are not intended to be a guarantee of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. You should not place undue reliance on these forward-looking statements, which are made only as of the date of this press release. We undertake no obligation to update or revise any forward-looking statements.

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 Spresso, the Company’s own Software & Service business. From solving challenges with data using machine-learning modules to re-platforming with end-to-end technology, Spresso’s purpose-built storefront, marketplace, analytics, fulfillment, advertising, and robotics technologies enable better business outcomes for e-commerce customers. The Company aspires to make a positive social impact with an emphasis on good Environmental, Social and Governance practices, and as such, has developed a powerful, unique brand, known for doing right by its customers, employees and society. For more information, please visit investors.boxed.com.

Investor Contact

Chris Mandeville

ICR

Media Contact

David Taft

Boxed