Boxed to Gain MaxDelivery's Expertise in Micro Dark-Store Fulfillment and Fast Grocery Delivery with Plans to Replicate its Model in Additional Markets
NEW YORK, Nov. 29, 2021 (GLOBE NEWSWIRE) -- 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 the signing of a definitive agreement to acquire MaxDelivery, one of New York's first on-demand grocery delivery services. The transaction is expected to close in December 2021, subject to certain undisclosed financial terms and customary closing conditions.
MaxDelivery provides New Yorkers with a fast, easy, and convenient way to have a broad assortment of groceries delivered directly to their door on-demand, through its one-hour delivery service in Manhattan. Since its inception in 2004, MaxDelivery has consistently delivered premium quality service to its customers, processing approximately 2 million orders to date. MaxDelivery differentiates itself from other ultrafast delivery businesses due to its high average order values of approximately $100, helping yield a history of strong unit economics. Further, all of its employees are full time W-2s, as opposed to 1099 contractors, which allows MaxDelivery to offer consistent quality service, driving customer loyalty with approximately 98% of orders coming from repeat customers each year. Through the acquisition, Boxed will broaden its capabilities in micro dark-store fulfillment and rapid on-demand grocery delivery. Boxed customers in select markets will also enjoy a significantly expanded fresh assortment offering. MaxDelivery will also become a client of Boxed's Software & Services, adopting its proprietary commerce technology to help enable scalability of its operations, and expansion into additional markets over time.
Chieh Huang, Co-founder and Chief Executive Officer of Boxed, said, "This acquisition of MaxDelivery will mark our entry point into the rapidly growing fast-grocery delivery space, in addition to broadening our capabilities in micro dark-store fulfillment and fresh supply chain. Boxed customers have expressed how they value fresh groceries and we are excited to be able to deliver a more comprehensive product offering while benefiting from a complimentary business model with similarly high average order values as Boxed. In the months after closing, we plan to implement MaxDelivery's model into several additional regions as we generate value for the entire Boxed ecosystem. We believe that MaxDelivery will also benefit from the use of Boxed software technology as it becomes a client of our Software business."
Chris Siragusa, Founder, President and CTO of MaxDelivery who will join Boxed's senior leadership team as SVP, Operations, commented, "Empowering New Yorkers to get their fresh groceries online has been our vision since our inception and with Boxed's support, we will be able to replicate our highly scalable, profitable model into several new markets. We are thrilled to become a part of a Company that is poised for success, led by an exceptional management team, and has a proven commitment to ESG. We are looking forward to becoming a part of the Boxed family."
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.
Supplemental Materials
A related investor presentation with more detailed information regarding the proposed transaction will be available at .
About Boxed
Boxed 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 It
Seven Oaks has filed a registration statement on Form S-4 with the SEC, which includes a proxy statement/prospectus. The registration statement has been declared effective and the proxy statement/prospectus has been distributed to Seven Oaks' stockholders that is both the proxy statement 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 relating to the offer and sale of the securities to be issued in the business combination to certain of Boxed's 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.
The definitive proxy statement/prospectus and other relevant materials for the proposed business combination have been mailed to stockholders of Seven Oaks as of October 26, 2021, the record date 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 Solicitation
Seven 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 are included in the proxy statement/prospectus for the business combination.
Forward-Looking Statements
Certain 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 and expected benefits of Boxed's pending acquisition of MaxDelivery. 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 Contacts
Seven Oaks:
Drew Pearson
drew@sevenoaksacquisition.com
Boxed:
Chris Mandeville
ICR
BoxedIR@icrinc.com
Media Contacts
Boxed:
Keil Decker
ICR
BoxedPR@icrinc.com
裝箱以獲得MaxDelivery在微型暗店履行和快速雜貨配送方面的專業知識,並計劃在更多市場複製其模式
紐約,2021年11月29日(Global Newswire)--今天,向企業零售商銷售大宗消費品並授權其電子商務軟體的電子商務雜貨平臺Boxed(或“公司”)簽署了一項最終協定,收購了紐約首批按需雜貨遞送服務之一MaxDelivery。這筆交易預計將於2021年12月完成,受某些未披露的財務條款和慣例完成條件的限制。
MaxDelivery通過其在曼哈頓的一小時送貨服務,為紐約人提供了一種快速、簡單和方便的方式,讓各種各樣的食品雜貨按需直接送貨上門。自2004年成立以來,MaxDelivery一直為客戶提供優質服務,迄今已處理了約200萬份訂單。MaxDelivery有別於其他超快送貨業務,因為其平均訂單價值約為100美元,有助於創造強勁的單位經濟效益歷史。此外,它的所有員工都是全職W-2,而不是1099名承包商,這使得MaxDelivery能夠提供一致的高質量服務,每年約98%的訂單來自回頭客,從而提高客戶忠誠度。通過此次收購,Boxed將擴大其在微型暗店履行和快速按需雜貨送貨方面的能力。精選市場的盒裝顧客還將享受顯著擴大的新鮮品種供應。MaxDelivery還將成為BOXED軟體和服務的客戶,採用其專有的商務技術來幫助實現其業務的可擴展性,並隨著時間的推移擴展到更多的市場。
BOXED聯合創始人兼首席執行官Huang表示:“此次收購MaxDelivery將標誌著我們進入快速增長的食品雜貨配送領域的切入點,此外,還將擴大我們在微型暗店履行和新鮮供應鏈方面的能力。盒裝的顧客表達了他們對新鮮食品的重視,我們很高興能夠提供更全面的產品,同時受益於與盒裝類似的高平均訂單價值的免費商業模式。在關閉後的幾個月裡,我們計劃將MaxDelivery的模式應用到其他幾個地區,為整個盒裝生態系統創造價值。我們相信MaxDelivery公司還將受益於盒裝軟體技術的使用,因為它將成為我們軟體業務的客戶。“
MaxDelivery創始人、總裁兼首席技術官克裡斯·西拉古薩將加入Boxed的高級領導團隊,擔任運營高級副總裁。他表示:“讓紐約人能夠將他們的新鮮食品放到網上是我們的願景,在Boxed的支持下,我們將能夠將我們高度可擴展、利潤豐厚的模式複製到幾個新市場。我們很高興能成為這家公司的一員,這家公司在卓越的管理團隊的領導下即將取得成功,並對ESG有著被證明的承諾。我們期待成為Boxed大家庭的一員。”
2021年6月13日,上市的特殊目的收購公司盒子和七橡樹收購公司(納斯達克代碼:SVOK,SVOKU,SVOKW)就業務合併達成了最終協定,交易完成後,BOXED將成為上市公司。BOXED還宣佈打算在業務合併完成後在紐約證券交易所(NYSE)上市,預計合併將於2021年第四季度完成。合併後的公司將被稱為BOXED,Inc.,其普通股和認股權證預計將分別以新的股票代碼“BOXD”和“BOXD WS”在紐約證券交易所上市。
補充材料
有關擬議交易的更詳細資訊的相關投資者演示文稿將在以下網址獲得。
關於盒裝的
BOXED是一家電子商務零售商,也是一家電子商務推動者。該公司經營一項電子商務零售服務,向企業和家庭客戶提供散裝食品儲藏室消費品,而不需要“大盒子”商店會員資格。這項服務由公司自己專門構建的店面、市場、分析、履行、廣告和機器人技術提供支持。BOXED通過其軟體和服務業務進一步實現電子商務,為需要企業級電子商務平臺的客戶提供訪問其端到端技術的機會。該公司已經形成了一個強大的、獨特的品牌,以其客戶、員工和社會的正確行事而聞名。
關於七橡樹收購公司
SEVEN OAKS Acquisition Corp.是一家為進入企業合併而成立的特殊目的收購公司。其目標是通過投資於一家渴望產生積極社會影響並強調良好的環境、社會和治理(ESG)實踐的成長型公司,為投資者提供有吸引力和可持續的回報。賽聞橡樹在2020年12月的首次公開募股中籌集了2.5875億美元,其證券在納斯達克上上市,股票代碼為“SVOK”、“SVOKU”和“SVOKW”。SEVEN OAKS由一支經驗豐富的經理、運營商和投資者團隊領導,他們在幫助建立和發展盈利的公共和私人企業以為股東創造價值方面發揮了重要作用。欲瞭解更多資訊,請訪問www.sevenoaksquisition.com。
有關業務合併的重要資訊以及在哪裡可以找到它
賽聞橡樹已向美國證券交易委員會提交了S-4表格的註冊說明書,其中包括委託書/招股說明書。註冊聲明已被宣佈為有效,而委託書/招股說明書已分發給七橡樹的股東,該委託書/招股說明書既是與七橡樹的股東就業務合併及註冊說明書中可能描述的其他事項徵求委託書進行表決有關的委託書,也是與向BOXED的若干股東要約和出售將在業務合併中發行的證券有關的招股說明書。本新聞稿不包含有關擬議業務合併的所有應考慮的資訊,也不打算構成與該業務合併有關的任何投資決定或任何其他決定的基礎。建議賽聞橡樹公司的股東和其他感興趣的人士閱讀註冊說明書中包括的初步委託書/招股說明書及其修正案,以及與擬議的業務合併相關的最終委託書/招股說明書和其他檔案,因為這些材料將包含有關Boxed、賽聞橡樹及其業務合併的重要資訊。
截至2021年10月26日,已將擬議業務合併的最終委託書/招股說明書和其他相關材料郵寄給七橡樹公司的股東,這是就擬議業務合併進行投票的創紀錄日期。股東還可以免費獲得提交給美國證券交易委員會的初步委託書、最終委託書和其他檔案的副本,這些檔案一旦可以獲得,就可以從美國證券交易委員會的網站www.sec.gov上獲得,或者直接向七橡樹公司的祕書提出請求,地址是紐約公園大道445號17樓,NY 10022,電話:(917)214-6371。
徵集活動的參與者
根據美國證券交易委員會的規定,SEVEN OAKS及其董事、高管、其他管理層成員和員工可被視為參與了SEVEN OAKS股東與企業合併有關的委託書的徵集。投資者和證券持有人可以在七橡樹公司向美國證券交易委員會提交的檔案中獲得有關七橡樹公司董事和高級管理人員在業務合併中的姓名和利益的更詳細資訊,包括七橡樹公司向美國證券交易委員會提交的S-4表格註冊聲明,其中包括七橡樹公司關於業務合併的委託書/招股說明書。股東可以免費從美國證券交易委員會的網站www.sec.gov獲得七橡樹向美國證券交易委員會提交的檔案副本。
BOXED及其董事和高級管理人員也可被視為參與就擬議的業務合併向七橡樹股東徵集委託書的活動。該等董事及行政人員的名單及有關他們在擬議業務合併中的權益的資料包括在業務合併的委託書/招股說明書內。
前瞻性陳述
本新聞稿中的某些陳述可能被視為前瞻性陳述。前瞻性陳述一般與未來事件有關,例如擬議的業務合併的預期時間以及BOXED即將收購MaxDelivery的預期好處。例如,有關擬議業務合併的結束條件的滿足情況以及擬議業務合併完成的時間的陳述均為前瞻性陳述。在某些情況下,你可以通過諸如“形式”、“可能”、“應該”、“可能”、“可能”、“計劃”、“可能”、“專案”、“努力”、“預算”、“預測”、“預期”、“打算”、“將”、“估計”、“預期”、“相信”、“預測”、“潛在”或“繼續”等術語,或這些術語或它們的變體或類似術語的否定來識別前瞻性陳述。此類前瞻性陳述會受到風險、不確定因素和其他因素的影響,這些因素可能會導致實際結果與此類前瞻性陳述明示或暗示的結果大不相同。
這些前瞻性陳述是基於估計和假設的,雖然七橡樹及其管理層和BOXED及其管理層認為這些估計和假設是合理的,但本質上是不確定的。可能導致實際結果與當前預期大不相同的因素包括,但不限於:(I)發生任何事件、變化或其他情況,可能導致終止與擬議的業務合併有關的後續最終協定;(Ii)在宣佈業務合併及其任何最終協定後,可能對七橡樹、博柏格、合併後的公司或其他公司提起的任何法律訴訟的結果;(Iii)由於未能獲得七橡樹或博賽克股東的批准而無法完成業務合併;(4)BOXED無法滿足完成交易的其他條件;(5)由於適用的法律或法規,或作為獲得監管部門批准的條件,可能需要或適當改變的業務組合的擬議結構;(6)與擬議的業務合併相關並在完成後達到證券交易所上市標準的能力;(7)由於擬議的業務合併的公告和完善,擬議的業務合併可能擾亂BOXING目前的計劃和運營的風險;(Viii)確認業務合併的預期效益的能力,這可能受競爭等因素的影響,這些競爭包括合併後的公司實現盈利增長和管理增長、維持與客戶和供應商的關係以及留住管理層和關鍵員工的能力;(Ix)與業務合併有關的成本;(X)適用法律或法規的變化;(Xi)BOXED或合併後的公司可能受到其他經濟、商業、監管和/或競爭因素不利影響的可能性;(十二)BOXED對費用和盈利能力的估計;(十三)博世競爭市場的演變;(十四)博世實施其戰略舉措並繼續創新現有產品的能力;(十五)博世保護其知識產權的能力;(十六)博世滿足監管要求的能力;(十四)新冠肺炎大流行對博世及其合併後公司業務的影響;以及(十二)上述S-4表格登記聲明中“風險因素”和“有關前瞻性陳述的警示”一節以及七橡樹公司將提交給美國證券交易委員會的其他檔案中列出的其他風險和不確定因素。
本新聞稿中的任何內容都不應被視為任何人表示本文所述的前瞻性陳述將會實現或此類前瞻性陳述的任何預期結果將會實現。你不應該過分依賴前瞻性陳述,因為這些陳述只反映了它們作出之日的情況。七橡樹公司和BOXED公司都沒有義務更新這些前瞻性陳述。
投資者聯繫方式
七棵橡樹:
德魯·皮爾遜
郵箱:Drew@sevenoaksquisition.com
方框:
克裡斯·曼德維爾
ICR
郵箱:boxedIR@icrinc.com
媒體聯繫人
方框:
凱爾·德克爾
ICR
郵箱:boxedpr@icrinc.com