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    Home»SPAC»Online grocery retailer Boxed to go public via $900 million SPAC deal
    SPAC

    Online grocery retailer Boxed to go public via $900 million SPAC deal

    June 14, 2021Updated:June 14, 20211 Min Read
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    Online bulk grocery retailer Boxed Inc said on Monday it would go public through a merger with blank-check firm Seven Oaks Acquisition Corp, in a deal valuing the equity of the combined firm at around $900 million.

    The transaction is expected to provide Boxed with about $334 million in net cash proceeds, including a $120 million private investment from investors such as Brigade Capital Management, Avanda Investment Management and Onex Credit.

    The deal, which used a mix of stock and structured notes to raise funds, highlights how SPAC sponsors are being creative in finding funding sources to get a deal to the finish line amid a slowdown in such funding across Wall Street.

    The deal is expected to close in the fourth quarter of 2021.

    Read more/Source: Reuters

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