Winston & Strawn Represents Seven Oaks Acquisition Corp.
June 14, 2021
Source: Winston & Strawn
Winston & Strawn represented Seven Oaks Acquisition Corp. (“Seven Oaks” or “SVOK”) (Nasdaq: SVOK, SVOKU, SVOKW), a publicly-traded SPAC, in its announced definitive business combination agreement with Boxed, Inc. (“Boxed” or “the Company”; legally known as “Giddy Inc. d/b/a Boxed”), an e-commerce grocery shopping platform selling bulk consumables to households and businesses, which would result in Boxed becoming a public company. The combined company will be called Boxed, Inc. upon the closing of the transaction and is expected to be listed in the U.S. under a new ticker symbol. Boxed will continue to be led by Chieh Huang, Boxed’s Chief Executive Officer. Gary Matthews, Chairman and Chief Executive Officer of Seven Oaks Acquisition Corp., will serve as Boxed’s Chairman of the Board when the business combination is complete. According to Matthews, the transaction will allow Boxed to fund B2B growth, third-party marketplace expansion and drive its unique SaaS business.
Under the terms of the proposed transaction, Boxed and Seven Oaks will merge with a pro forma combined equity value of approximately $900 million. The combined company is expected to receive $334 million in net cash proceeds from a combination of Seven Oaks’ cash in trust of approximately $259 million, assuming no redemptions by Seven Oaks’ public stockholders, as well as a $120 million fully committed private placement financing.
Winston Team:
• Jason Osborn, Co-Lead Partner, Chicago
• David Sakowitz, Co-Lead Partner, New York
• Dom DeChiara, Partner, New York
• Kristan Laden, Of Counsel, Chicago
• Kristi Mankowske, Practice Attorney, Chicago
• Jessica Diedrich, Associate, Chicago
• Joseph Dimont, Associate, San Francisco
• Eric Kaufman, Associate, New York
• Maria Kenny, Associate, New York
• Ann Nenoff, Associate, Chicago
• Samantha Phillips, Associate, San Francisco
• Sam Falcon Trimbach, Associate, Chicago
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