Boxed (“Boxed” or “the Company”), an e-commerce grocery platform
selling bulk consumables to households and businesses, and AEON CO
(“AEON”), one of the largest retailers in Asia, today
announced the launch of its end-to-end software and services
platform in the Malaysian market with myAEON2go.
AEON will use Boxed’s proprietary e-commerce technology to power
myAEON2go at over 40 locations for both in-store pick-up or
on-demand grocery delivery. The solution includes an e-commerce
storefront website and mobile app, as well as proprietary
inventory-picking software, allowing AEON customers the flexibility
to shop for AEON products however they choose, whether picked up
in-store, or delivered directly to their doorstep. In addition, the
Boxed e-commerce technology will be deployed to the tenants of all
AEON’s malls to power their e-commerce operations.
Shafie Shamsuddin, AEON’s Managing Director/Chief Executive
Officer, “We are very pleased with our new Boxed platform,
myAEON2go, which is transforming our e-commerce operations for the
better, even in the midst of the COVID-19 pandemic. myAEON2go has
the potential to allow us to increase efficiency and pilot
innovative ways to achieve a profitable, scalable and sustainable
online business while delivering a seamless omnichannel experience
to our customers. Furthermore, we are excited for the Boxed
solution to be the engine of our new marketplace platform for the
tenants of our 28 malls across Malaysia, which is expected to be
launched by the end of this year."
“We are thrilled about the opportunity to implement our software
and services technology and partner with a company like AEON, one
of the largest and most sophisticated retailers in the world,” said
Chieh Huang, CEO of Boxed. “Launching our partnership within six
months and on budget with AEON demonstrates the speed and
efficiency with which we can deploy our proprietary systems, even
in larger implementations. We are aggressively pursuing additional
expansion in international markets and expect to make announcements
before the end of the year.”
On July 20, 2021, Boxed and Seven Oaks Acquisition Corp. (“Seven
Oaks” or “SVOK”) (Nasdaq: SVOK, SVOKU, SVOKW), a publicly-traded
special purpose acquisition company, announced that Seven Oaks had
filed with the U.S. Securities and Exchange Commission ("SEC") a
registration statement on Form S-4 (the "Registration Statement")
in connection with its proposed business combination with Boxed
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 BoxedBoxed 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. For more information visit
www.boxed.com.
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 AEON CO. (M) BHD AEON CO. (M) BHD. is a
leading General Merchandise Stores (GMS) cum Supermarket chain in
Malaysia, with 28 AEON MALLs, 34 AEON Outlets, 9 MaxValu Prime
Supermarkets across the country. Incorporated in 1984 in response
to the Malaysian Government’s invitation to help modernize the
country’s retailing industry. AEON’s chain of stores strives to
satisfy the ever-changing needs and desires of consumers.
Guided by its “Customer First” philosophy, the company’s acute
understanding of the target market needs, aided by optimal
product-mix, AEON surpasses consumer expectations and enhances
their experience every time they shop. In the spirit of the name
AEON, which means eternity in Latin, AEON’s goal is to work
together endlessly with its customers, suppliers, business
partners, shareholders and the community to create a future of
limitless promises.
AEON also strongly supports environmental sustainability by
championing various recycling, energy conservation and tree
planting causes, by engaging and encouraging various parties,
including staff, customers, NGOs, government agencies and the
community at large to participate.
For more information, please visit: www.aeonretail.com.my or
www.facebook.com/aeonretail.my
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 ContactsSeven Oaks:Drew
Pearsondrew@sevenoaksacquisition.com
Boxed:Chris MandevilleICRBoxedIR@icrinc.com
Media ContactsBoxed:Keil
DeckerICRBoxedPR@icrinc.com
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