NEW YORK, Jan. 20, 2023 (GLOBE NEWSWIRE) — Boxed, Inc. BOXD BOXD WS))) (“Boxed” or the “Company”), the commerce technology company specializing as both an e-commerce merchant and e-commerce enabler, announced today that it has entered into partnership with a lender (the “Lender”) , which provided the company with $10 million in new funding upon closing. The new facility also provides for an additional $10 million in financing, subject to the completion of certain milestones in a process to sell the company. Concurrent with the financing with the lender, the Company completed an amendment to its existing senior credit facility with funds and accounts managed by BlackRock, which, among other things, reduces the Company’s minimum liquidity agreement by $5 million.

As part of the above transactions, approximately $32 million of the Company’s existing convertible debentures previously held by the Lender were converted into new loans secured by a second lien on substantially all of the assets of the Company and its subsidiaries and the Lender sind has 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 us with greater flexibility to further execute on our strategic vision and strategic alternatives process. We value our existing relationships with funds and accounts managed by BlackRock and the lenders and look forward to continuing to work closely with them.”

Additional information regarding the financing transaction with the Lender and the modification of the Company’s senior credit facility with BlackRock, including copies of the Definitive Agreements, will be provided in a recent Form 8-K report filed by the Company with the Securities and Exchange Commission (” SEC”) and available at www.sec.gov.

Forward-Looking Statements

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