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