Three Firms Guide $900 Million Go-Public SPAC for Boxed Inc.

Latham & Watkins is advising e-commerce grocery shopping platform Boxed Inc. on its go-public merger with a special purpose acquisition company.

Winston & Strawn is advising the SPAC, Seven Oaks Acquisition Corp., on the transaction, which values the combined company at about $900 million. Proskauer Rose is advising placement agents in the deal, according to a statement.

The deal, expected to close in the fourth quarter, calls for Boxed, whose legal name is currently Giddy Inc., to become publicly traded company Boxed Inc., listed in the U.S. under a new ticker symbol.

Founded in 2013, New York-based Boxed says its proprietary platform, using artificial intelligence and robotics, offers a “curated” mobile-first way for households and businesses to buy consumables.

The combined company is expected to receive $334 million in net cash proceeds from the transaction, including $120 million in fully committed private placement financing. The statement, without giving a baseline figure, projects the company will have 40% year-on-year revenue growth for 2022.

The new Boxed will continue to be led by current CEO Chieh Huang. Gary Matthews, chairman and CEO of Seven Oaks Acquisition Corp., will serve as Boxed’s chairman, it says.