Boxed, Inc. Announces Up to $20 Million of New Financing

NEW YORK, Jan. 20, 2023 (GLOBE NEWSWIRE) -- Boxed, Inc. (NYSE: BOXD, BOXD WS) (“Boxed” or the “Company”), the commerce technology company specializing as both an e-commerce retailer and e-commerce enabler, today announced it entered into a second lien secured term loan facility with a lender (the “Lender”) that provided $10 million of new funding to the Company at close. The new facility also provides for an additional $10 million in funding, subject to the completion of certain milestones in a process for the sale of the Company. Concurrently with the financing with the Lender, the Company entered into an amendment to its existing first lien debt facility with funds and accounts managed by BlackRock that, among other things, reduces the Company’s minimum liquidity covenant by $5 million.

As part of the above transactions, approximately $32 million of the Company’s existing convertible notes previously held by the Lender have been exchanged into new loans secured by a second lien security interest in substantially all of the assets of the Company and its subsidiaries, and the Lender has been issued warrants to purchase 14 million shares of the Company’s outstanding common stock at an initial exercise price of $3.00 per share.

Chieh Huang, Co-Founder and Chief Executive Officer of Boxed, said, “This new financing will provide greater flexibility for us to continue to execute on our strategic vision and the strategic alternatives process. We value our existing relationships with funds and accounts managed by BlackRock and the Lender and are excited to continue to work closely with them.”

Additional information about the financing transaction with the Lender and the amendment to the Company’s first lien debt facility with BlackRock, including copies of the definitive agreements, will be provided in a Current Report on Form 8-K to be filed by the Company with the Securities and Exchange Commission (“SEC”) and available at

Forward-Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements generally relate to future events. In some cases, you can identify forward-looking statements by terminology such as “intend,” and “will,” or the negative 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. We have based these forward-looking statements on our current expectations and assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate under the circumstances. However, whether actual results and developments will conform with our expectations and predictions is subject to a number of risks and uncertainties, many of which are beyond our control, including the Company’s access to additional capital, the outcome of its previously announced strategic alternatives process, macroeconomic conditions affecting the Company’s industry, and the other factors under the heading “Risk Factors” in its Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, and in other filings that the Company has made and may make with the SEC in the future. All of the forward-looking statements made in this press release are qualified by these cautionary statements. The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on the Company or our business or operations. Such statements are not intended to be a guarantee of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. You should not place undue reliance on these forward-looking statements, which are made only as of the date of this press release. The Company undertakes no obligation to update or revise any forward-looking statements.

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 Spresso, the Company’s own Software & Service business. From solving challenges with data using machine-learning modules to re-platforming with end-to-end technology, Spresso’s purpose-built storefront, marketplace, analytics, fulfillment, advertising, and robotics technologies enable better business outcomes for e-commerce customers. The Company aspires to make a positive social impact with an emphasis on good Environmental, Social and Governance practices, and as such, has developed a powerful, unique brand, known for doing right by its customers, employees and society. For more information, please visit

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