Seven Oaks (SVOK) Adds FPA to Boxed Deal
by Marlena Haddad on 2021-11-29 at 10:05am

Seven Oaks (NASDAQ:SVOK) announced this morning that it has supplemented the financing for its business combination with e-commerce grocery platform Boxed by adding a forward purchase agreement.

An affiliate of Atalaya Capital Management, a privately-held alternative investment advisory firm that focuses primarily on private credit and special opportunities investments, has agreed to an FPA of up to $100 million with Seven Oaks.

Today’s additional financing comes as Seven Oaks is expected to hold its shareholder meeting to vote on the business combination next Tuesday, December 7. The SPAC has not yet filed an 8-K providing further details, but this deal has an minimum cash closing condition of $175 million.

SVOK previously secured a $120 million PIPE through a combination of common stock and convertible notes from institutional and strategic investors including Brigade Capital Management, Avanda Investment Management and Onex Credit. This new $100 million FPA should therefore cover its minimum cash threshold and $40 million in anticipated transaction expenses regardless of redemptions.

Seven Oaks initially announced the $640 million deal with Boxed on June 14. New York-based Boxed sells bulk, high-repeat consumables to both consumers and B2B customers, and it has launched a new initiative to white-label its fulfillment software to other consumer players.

Boxed also announced this morning the signing of a definitive agreement to acquire on-demand grocery service MaxDelivery. The transaction is expected to close within the next few weeks.

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