Boxed Shares Plunge 35% as It Considers Filing for Bankruptcy

Dow Jones2023-03-15

By Sabela Ojea

Shares of Boxed Inc. on Tuesday plunged 35% to 28 cents in after-hours trading after the company said it is considering selling the whole company or filing for bankruptcy.

The wholesale retailer that offers direct delivery of bulk-sized packages said in a securities filing that it is actively soliciting proposals for the sale of all or most of its assets to improve its liquidity position.

The company also expects to delay the publication of its 2022 earnings, it said.

Regarding the collapse of Silicon Valley Bank, Boxed said it transferred the majority of its cash out of its SVB accounts and is establishing a new commercial banking relationship.

SVB accounts were used to hold the majority of its cash deposits and other liquid instruments, Boxed noted.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

March 14, 2023 18:32 ET (22:32 GMT)

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