Boxed surges in first day of trading after de-spacing deal

Описание: The Good Brigade/DigitalVision via Getty Images E-commerce firm Boxed (NYSE: BOXD )   jumped 34%  in its first day of trading after completing a de-spacing deal. Boxed began trading on its own after completing a transaction with SPAC Seven Oaks Acquisition that was announced in mid June. The business combination enabled Boxed to raise about $198M in gross cash proceeds from a combination of Seven Oaks’ cash in trust of approximately $78M, as well as a $120M fully committed private placement financing.  While boxed is mainly known for shipping boxes filled with toilet paper and potato chips, the company has been moving into the software-as-service or SaaS  business and in late January  announced a deal with Aeon, a large Asian retailer which has $83B in revenue,  Boxed CEO Chieh Huang Huang told Seeking Alpha in June. "This is our first year in the SaaS business, we're projecting out $12M in software sales this year," Huang said in June. "And so those are aggressive targets for year one of a brand new business line, but we're confident that we can hit it." See Boxed CEO's video interview with Seeking Alpha from late June.