Online retailer Boxed, Inc. will merge with Seven Oaks Acquisition Corp. and become a public company. The combined company will be called Boxed, Inc.
Boxed will continue to be led by Chieh Huang, Boxed’s CEO and Gary Matthews, chairman and CEO of Seven Oaks Acquisition Corp., will serve as Boxed’s chairman of the board when the business combination is complete.
“We are excited to take this important step forward to position Boxed for our next phase of growth,” said Huang, in a statement. “This transaction will allow Boxed to capitalize on the tailwinds that e-commerce businesses are experiencing. This capital will also allow us to fund B2B growth, third-party marketplace expansion and drive our unique SaaS business. We look forward to partnering with the seasoned team at Seven Oaks as we leverage their operational and public company expertise.”
Matthews said in a statement, “Boxed is a leading e-commerce platform with significant competitive advantages and multiple opportunities to accelerate growth and drive value creation. We are confident that by supporting Chieh and the talented management team with our proven operating playbook, Boxed will continue to achieve success in a rapidly growing market.”
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Image: Boxed, Inc.