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Boxed (NYSE: BOXD) has announced a partnership with Colavita USA to manage its direct-to-consumer logistics, including inventory management and fulfillment. This collaboration aims to enhance Colavita’s e-commerce distribution within the U.S. market. Colavita, known for its Italian specialty food products, will utilize Boxed's fully automated fulfillment center in Union, NJ. As part of the arrangement, Boxed will leverage its expertise in supply chain management to support Colavita’s operations, solidifying its position in the e-commerce space.
Boxed, Inc. (NYSE: BOXD, BOXD WS) announced a new $10 million second lien secured term loan and an amendment to its existing first lien debt facility, providing additional financial flexibility. The company also exchanged approximately $32 million of existing convertible notes for new loans secured by a second lien on its assets. This financing includes warrants for the lender to purchase 14 million shares at $3.00 per share. CEO Chieh Huang expressed confidence in the new funding aiding the company's strategic vision. Further details will be disclosed in a forthcoming SEC filing.
Boxed, Inc. (NYSE: BOXD) announced the launch of its Spresso SaaS modular solution on the Google Cloud Marketplace on January 10, 2023. This integration enhances operational insights for businesses, allowing customers to leverage advanced analytics and machine learning for better pricing and customer churn predictions. Spresso’s price optimization module helps businesses enhance profitability by analyzing first-party data. This launch signifies an expansion of Boxed's partnership with Google Cloud, facilitating easier access for customers to implement Spresso solutions.
Boxed, Inc. (NYSE: BOXD, BOXD WS) has announced its Board of Directors is exploring strategic alternatives, including a potential sale of the company. The move aims to enhance shareholder value and follows the retention of Cowen and Solomon Partners Securities, LLC for financial guidance and Freshfields Bruckhaus Deringer (US) LLP for legal support. Additionally, Boxed is actively seeking capital-raising initiatives, with plans to announce new funding within 45 days. No guarantees are provided regarding the completion of any transactions or capital raising efforts.
Boxed, Inc. (NYSE: BOXD, BOXD WS) will participate in a fireside chat at the 25th Annual ICR Conference in Orlando, Florida, scheduled for January 9, 2023, at 1:30 p.m. ET. The event will be webcast live and available for replay on the Company’s Investor Relations website.
Boxed specializes in e-commerce retail and enabling services, providing bulk pantry consumables without requiring membership fees. Their proprietary platform, Spresso, offers innovative solutions for e-commerce businesses, enhancing operational efficiency and customer experience.
Boxed, Inc. (NYSE: BOXD, BOXD WS) will participate in the UBS Global TMT Conference on December 6, 2022, at 12:30 p.m. ET in New York City. The Company is set to host a live webcast fireside chat during the event, which will later be available for replay on Boxed's Investor Relations website. Boxed specializes in e-commerce retail, offering bulk pantry consumables without the need for a membership, powered by its proprietary software, Spresso. The Company focuses on positive social impact and robust Environmental, Social, and Governance practices.
Boxed, a commerce technology company, announced on November 25, 2022, that it received a non-compliance notice from the NYSE regarding its market capitalization, which fell below $50 million.
The company plans to submit a compliance plan by December 8, 2022, to address this deficiency within the 45-day deadline provided by the NYSE. If the plan is approved, Boxed's shares will continue trading during a Cure Period. The company is also within a six-month cure period for a separate stock price deficiency, having fallen below $1.00.
Boxed, Inc. reported a strong third quarter for 2022, with Retail Gross Profit increasing 88.8% year-over-year and Retail Net Revenue rising 8.9% to $41.6 million. The company's Gross Merchandise Value also saw an 8.3% year-on-year increase, reaching $49.0 million. Key initiatives contributed to profitability, including improved B2B customer demand and cost-saving measures, leading to a reduction in quarterly cash burn. However, the total net loss increased to $26.4 million, with total debt standing at $135.4 million.
Boxed, Inc. (NYSE: BOXD, BOXD WS) announced it will report its third-quarter results for the period ended September 30, 2022, on November 9, 2022, after the market closes. The company will host a conference call and webcast at 4:30 p.m. ET the same day to discuss its financial performance. Boxed provides an online platform for bulk household consumables and licenses its e-commerce software through Spresso. The company focuses on improving business outcomes for e-commerce customers and emphasizes strong Environmental, Social, and Governance (ESG) practices.
