Boxed Working with HIVE Brands to Help Power its e-Commerce Operations through the Boxed Suite of Integrated Software and Services

Rhea-AI Summary

Boxed has announced a partnership with Hive Brands to enhance Hive's e-commerce operations using Boxed's software technology and services starting January 2022. This collaboration aims to support Hive's mission for sustainability, as all brands on Hive's platform are vetted for social impact. Boxed’s CEO highlighted the shared values of sustainability and commitment to social good. Additionally, Boxed is exploring further expansion in Southeast Asia and the Middle East. The merger with Seven Oaks Acquisition Corp. is expected to close in Q4 2021, leading to Boxed's public trading on the NYSE under the ticker BOXD.

Positive

• Strategic partnership with Hive Brands expected to enhance e-commerce capabilities.
• Focus on sustainability aligns with increasing consumer demand for eco-friendly products.
• Expansion opportunities in Southeast Asia and the Middle East strengthen growth potential.
• Merger with Seven Oaks Acquisition Corp. poised to make Boxed a public company, enhancing visibility and capital access.

Negative

• Completion of the merger is contingent on shareholder approval and other regulatory conditions.
• Potential risks and uncertainties associated with expansion into new markets.
• Forward-looking statements may not guarantee future performance or profitability.

Hive Brands is Expected to Become the Latest Addition to Boxed's Growing Stable of Software & Services Clients

NEW YORK, Oct. 28, 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 it is working with online marketplace Hive Brands (“Hive”) to fuel its e-commerce operations by providing it with a suite of software technology and services as early as January 2022.

Hive, led by Co-founder and CEO, Thomas Ellis, has created an online grocery shop where every purchase contributes to a more sustainable and equitable world. Each brand sold on Hive’s platform is carefully vetted for sustainability and social impact, and the company practices carbon neutral shipping and uses 100% recyclable shipping materials. Hive is planning to utilize Boxed’s proprietary e-commerce technology and fulfillment services to help power its platform.

“At Hive, sustainability and social good are at the heart of everything we do, and we are proud to partner with Boxed as we have a shared commitment to ESG and sustainability,” said Mr. Ellis. “We admire Boxed’s early commitment to sustainability and social change. They were one of the first online retailers to focus on selling goods in bulk, which means a lower carbon footprint. And we applaud their commitments in support of equality, such as employing a team that is majority diverse, and fighting against the Pink Tax. By utilizing Boxed’s cutting edge technology stack, we are well positioned to deliver an improved customer experience for all Hive consumers as we scale our business.”

Chieh Huang, Co-founder and Chief Executive Officer of Boxed, said, “We are excited to work with Thomas and the team at Hive as we help them elevate their e-commerce technology and omni-channel capabilities with our proprietary e-commerce technology. Hive is making it easier for consumers to make sustainable choices and use their dollars to support positive change, which is aligned with our core values at Boxed and was a key component for why we chose to work with them. We look forward to launching with Hive and will continue to explore additional strategic partnerships as we scale our technology.”

Boxed initially expanded its software and services platform through an exclusive partnership with Aeon, which was successfully implemented in Malaysia. The Company is currently exploring more opportunities with Aeon, including expanding into Vietnam and other Southeast Asian markets. Additionally, the Company recently announced it expects to launch its software and services technology in the Middle East and North Africa markets by the first half of 2022 through a partnership with 786 Holdings Limited.

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.

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.

About Hive Brands
Hive is an online marketplace for sustainable groceries, where conscious shoppers can make an impact with every purchase. Founded in 2020, the company is on a mission to create an ecosystem where every purchase contributes to a more sustainable and equitable world. Each brand sold on Hive has been carefully vetted for sustainability and impact (the "Hive Five" criteria), so shoppers can get lost in Hive’s virtual grocery aisles with peace of mind: Every single item tastes great, does good, and supports small businesses. Hive practices carbon neutral shipping and uses 100% recyclable shipping materials. Start shopping your values today at https://hivebrands.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, that will be both the proxy statement to be distributed to Seven Oaks' stockholders 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, and relating to the offer and sale of the securities to be issued in the business combination to certain of Boxed’s stockholders. After the registration statement is declared effective, Seven Oaks will mail a definitive proxy statement/prospectus and other relevant documents to its 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.

When available, the definitive proxy statement/prospectus and other relevant materials for the proposed business combination will be mailed to stockholders of Seven Oaks as of a record date to be 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 will be included in the proxy statement/prospectus for the business combination when available.

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. 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

Hive Brands:
Matthew Arnhols
Matthew@Hivebrands.com

 

FAQ

What is the partnership between Boxed and Hive Brands?

Boxed is partnering with Hive Brands to enhance their e-commerce operations by providing software technology and services starting January 2022.

When will Boxed's merger with Seven Oaks Acquisition Corp. close?

The merger is expected to close in the fourth quarter of 2021, after obtaining necessary shareholder approvals.

What is the significance of the partnership for Boxed's growth?

The partnership is expected to enhance Boxed's e-commerce capabilities and align with their sustainability goals, potentially increasing market share.

What ticker symbols will Boxed trade under after the merger?

After the merger, Boxed will trade on the NYSE under the ticker symbols 'BOXD' for common stock and 'BOXD WS' for warrants.

How does the partnership with Hive Brands align with Boxed's values?

Both companies share a commitment to sustainability and social impact, with Boxed providing technology to support Hive's eco-friendly grocery platform.