SVOK - SPAC Seven Oaks Acquisition gains on deal to take online grocery retailer Boxed public

Jennifer J Taylor/iStock via Getty Images SPAC Seven Oaks Acquisition (SVOK) gained almost 1% in premarket trading after agreeing to take online grocery retailer Boxed public in a deal that will value the company at about $900M. The transaction is expected to generate $334M of net proceeds, according to a statement. The deal incudes a $120M PIPE including common stock and convertible notes from institutional and strategic investors including Brigade Capital Management, Avanda Investment Management and Onex Credit. The combined company will be called Boxed and will continue to be led by CEO Chieh Huang. The transaction is expected to close in Q4. Boxed, which started in 2013, is projecting +40% 2022 YoY revenue growth. Citi and PJ Solomon are acting as financial advisors to Boxed. Wells Fargo Securities, Nomura and JonesTrading Institutional Services are acting as capital markets and financial advisors to SVOK; and BTIG is acting as capital

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SPAC Seven Oaks Acquisition gains on deal to take online grocery retailer Boxed public