Boxed (“Boxed” or the “Company”), an e-commerce grocery platform
which sells bulk consumables and licenses its e-commerce software
to enterprise retailers, today announced a partnership with 786
Holdings Limited to deliver e-commerce software and services
technology to the Middle East and North Africa (“MENA”).
The partnership will leverage Boxed’s proprietary technology,
facilitating 786 Holdings Limited’s ability to build out its B2B
operations in the MENA region. The partnership is expected to
initially launch in the Kingdom of Saudi Arabia (“KSA”) by the
first half of 2022. The KSA online grocery market is expected to
grow to $173 billion per year by 2025 with only 1.3% online sales
penetration in 2020, according to Ken Research Private Limited and
RedSeer Consulting.
Boxed commenced its international expansion initiatives in 2021
through an exclusive partnership with Aeon beginning with a
successful rollout of its proprietary technology in Malaysia. The
Company is currently exploring further expansion with Aeon in
Southern Asia, including Vietnam.
786 Holdings Limited is led by Najam Kidwai, a leading
technology entrepreneur and investor based in Dubai. Mr. Kidwai
will play a critical role in supporting the Company’s expansion of
its SaaS business by utilizing his extensive experience,
relationships, and successful track record as an operator in the
region.
“After completing an extensive due diligence process in
reviewing the leading technology partners to collaborate, we are
confident that Boxed is the perfect fit,” said Mr. Kidwai. “In
addition to having one of the most comprehensive technology stacks
currently available in the market for enterprise e-commerce
retailers, Boxed has tremendous cultural values, a proven
commitment to ESG, and a track record of executing and scaling
rapidly. On top of that, we couldn’t be more excited to partner
with Chieh and we are already reviewing a number of opportunities
that are on the horizon.”
Chieh Huang, Co-founder and Chief Executive Officer of Boxed,
said, “As we continue to expand into international markets, we
understand the importance of having the local operational
infrastructure, expertise, and network supporting us, which is why
we are incredibly excited to partner with Najam and 786 Holdings
Limited. There is massive opportunity for digital penetration in
the MENA markets driven by a young tech-literate population
presenting an enormous whitespace opportunity for Boxed to expand
in a vastly underpenetrated B2B grocery sector that is ripe for
disruption.”
On June 13, 2021, Boxed and Seven Oaks Acquisition Corp. (“Seven
Oaks” or “SVOK”) (Nasdaq: SVOK, SVOKU, SVOKW), a publicly-traded
special purpose acquisition company, entered into a definitive
agreement relating to the business combination that would result in
Boxed becoming a public company upon the closing of the
transaction. Boxed also announced its intention to list on the New
York Stock Exchange (“NYSE”) upon the closing of the business
combination, which is expected in the fourth quarter of 2021. The
combined company will be called Boxed, Inc. and its common stock
and warrants are expected to list on the NYSE under the new ticker
symbols “BOXD” and “BOXD WS,” respectively.
About BoxedBoxed 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 the Company’s own
purpose-built storefront, marketplace, analytics, fulfillment,
advertising, and robotics technologies. Boxed further enables
e-commerce through its Software & Services business, which
offers customers in need of an enterprise-level e-commerce platform
access to its end-to-end technology. The Company has developed a
powerful, unique brand, known for doing right by its customers,
employees and society.
About Seven Oaks Acquisition Corp.Seven Oaks
Acquisition Corp. is a special purpose acquisition company formed
for the purpose of entering into a business combination. Its goal
is to deliver attractive and sustainable returns to investors
through an investment in a growth-oriented company that aspires to
make a positive social impact with an emphasis on good
Environmental, Social and Governance (“ESG”) practices. Seven Oaks
raised $258.75 million in its initial public offering in December
2020 and its securities are listed on Nasdaq under the tickers
“SVOK,” “SVOKU” and “SVOKW.” Seven Oaks is led by an experienced
team of managers, operators and investors who have played important
roles in helping build and grow profitable public and private
businesses to create value for stockholders. For more information
please visit www.sevenoaksacquisition.com.
Important Information About the Business Combination and
Where to Find ItSeven Oaks has filed a registration
statement on Form S-4 with the SEC, which includes a proxy
statement/prospectus, that will be both the proxy statement to be
distributed to Seven Oaks' stockholders in connection with its
solicitation of proxies for the vote by Seven Oaks’ stockholders
with respect to the business combination and other matters as may
be described in the registration statement, as well as the
prospectus, and relating to the offer and sale of the securities to
be issued in the business combination to certain of Boxed’s
stockholders. After the registration statement is declared
effective, Seven Oaks will mail a definitive proxy
statement/prospectus and other relevant documents to its
stockholders. This press release does not contain all the
information that should be considered concerning the proposed
business combination and is not intended to form the basis of any
investment decision or any other decision in respect of the
business combination. Seven Oaks' stockholders and other interested
persons are advised to read the preliminary proxy
statement/prospectus included in the registration statement and the
amendments thereto and the definitive proxy statement/prospectus
and other documents filed in connection with the proposed business
combination, as these materials will contain important information
about Boxed, Seven Oaks and the business combination.
When available, the definitive proxy statement/prospectus and
other relevant materials for the proposed business combination will
be mailed to stockholders of Seven Oaks as of a record date to be
established for voting on the proposed business combination.
Stockholders will also be able to obtain copies of the preliminary
proxy statement, the definitive proxy statement and other documents
filed with the SEC, without charge, once available, at the SEC’s
website at www.sec.gov, or by directing a request to Seven Oaks’
secretary at 445 Park Avenue, 17th Floor, New York, NY 10022, (917)
214-6371.
Participants in the SolicitationSeven Oaks and
its directors, executive officers, other members of management and
employees, under SEC rules, may be deemed to be participants in the
solicitation of proxies of Seven Oaks’ stockholders in connection
with the business combination. Investors and security holders may
obtain more detailed information regarding the names and interests
in the business combination of Seven Oaks’ directors and officers
in Seven Oaks’ filings with the SEC, including the Registration
Statement on Form S-4 filed with the SEC by Seven Oaks, which
includes the proxy statement/prospectus of Seven Oaks for the
business combination. Stockholders can obtain copies of Seven Oaks’
filings with the SEC, without charge, at the SEC’s website at
www.sec.gov.Boxed and its directors and executive officers may also
be deemed to be participants in the solicitation of proxies from
the stockholders of Seven Oaks in connection with the proposed
business combination. A list of the names of such directors and
executive officers and information regarding their interests in the
proposed business combination will be included in the proxy
statement/prospectus for the business combination when
available.
Forward-Looking StatementsCertain statements in
this press release may be considered forward-looking statements.
Forward-looking statements generally relate to future events, such
as expected timing for the proposed business combination. For
example, statements regarding the satisfaction of closing
conditions to the proposed business combination and the timing of
the completion of the proposed business combination are
forward-looking statements. In some cases, you can identify
forward-looking statements by terminology such as "pro forma",
"may", "should", "could", "might", "plan", "possible", "project",
"strive", "budget", "forecast", "expect", "intend", "will",
"estimate", "anticipate", "believe", "predict", "potential" or
"continue", or the negatives 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.
These forward-looking statements are based upon estimates and
assumptions that, while considered reasonable by Seven Oaks and its
management, and Boxed and its management, as the case may be, are
inherently uncertain. Factors that may cause actual results to
differ materially from current expectations include, but are not
limited to: (i) the occurrence of any event, change or other
circumstances that could give rise to the termination of subsequent
definitive agreements with respect to the proposed business
combination; (ii) the outcome of any legal proceedings that may be
instituted against Seven Oaks, Boxed, the combined company or
others following the announcement of the business combination and
any definitive agreements with respect thereto; (iii) the inability
to complete the business combination due to the failure to obtain
approval of the stockholders of Seven Oaks or Boxed; (iv) the
inability of Boxed to satisfy other conditions to closing; (v)
changes to the proposed structure of the business combination that
may be required or appropriate as a result of applicable laws or
regulations or as a condition to obtaining regulatory approval of
the business combination; (vi) the ability to meet stock exchange
listing standards in connection with and following the consummation
of the proposed business combination; (vii) the risk that the
proposed business combination disrupts current plans and operations
of Boxed as a result of the announcement and consummation of the
proposed business combination; (viii) the ability to recognize the
anticipated benefits of the business combination, which may be
affected by, among other things, competition, the ability of the
combined company to grow and manage growth profitably, maintain
relationships with customers and suppliers and retain its
management and key employees; (ix) costs related to the business
combination; (x) changes in applicable laws or regulations; (xi)
the possibility that Boxed or the combined company may be adversely
affected by other economic, business, regulatory, and/or
competitive factors; (xii) Boxed's estimates of expenses and
profitability; (xiii) the evolution of the markets in which Boxed
competes; (xiv) the ability of Boxed to implement its strategic
initiatives and continue to innovate its existing offerings; (xv)
the ability of Boxed to defend its intellectual property; (xvi) the
ability of Boxed to satisfy regulatory requirements; (xvii) the
impact of the COVID-19 pandemic on Boxed's and the combined
company's business; and (xviii) other risks and uncertainties set
forth in the section entitled "Risk Factors" and "Cautionary Note
Regarding Forward-Looking Statements" in the registration statement
on Form S-4 referenced above and other documents to be filed with
the SEC by Seven Oaks.
Nothing in this press release should be regarded as a
representation by any person that the forward-looking statements
set forth herein will be achieved or that any of the contemplated
results of such forward-looking statements will be achieved. You
should not place undue reliance on forward-looking statements,
which speak only as of the date they are made. Neither Seven Oaks
nor Boxed undertakes any duty to update these forward-looking
statements.
Investor ContactsSeven Oaks:Drew
Pearsondrew@sevenoaksacquisition.com
Boxed:Chris MandevilleICRBoxedIR@icrinc.com
Media ContactsBoxed:Keil
DeckerICRBoxedPR@icrinc.com
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