Grocery courier Boxed Inc. said it would go public through a merger with a special-purpose acquisition company, or SPAC, capitalizing on delivery demand that swelled during the Covid-19 pandemic.
Boxed and Seven Oaks Acquisition Corp. said the deal would value the combined company at nearly $900 million and provide money to serve more households and businesses that started ordering groceries online during the pandemic.
“It’s given everyone a taste of an easier and a more efficient way to shop,” said Chieh Huang, chief executive officer and co-founder of Boxed, who will continue to lead the company.
Source: WSJ
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