Strapped for financing, online bulk-products retailer Boxed said it’s exploring a range of strategic options, including a possible sale of the company.
New York-based Boxed announced the plan Thursday and noted that the company also is “actively exploring capital-raising initiatives” and expects to unveil additional funding within the next 45 days. Investment banks Cowen and Solomon Partners have been retained as financial advisers to help Boxed assess its strategic alternatives.
“There are two main points to it. We continue to actively pursue financing and, as we explore capital-raising initiatives, we have a duty to our stockholders to explore all the options available to us. So that includes a potential sale of the company, potentially partnering with other folks, potentially a merger,” Boxed CEO Chieh Huang told Winsight Grocery Business in a phone interview.
Seven Oaks Acquisition shareholders voted in favor of taking Boxed public in December 2021. Since then, shares have gone from $12.51 to a 52-week low of 18 cents, and last traded today at 39 cents. Read more.
