BRIEF-Boxed To Execute Sale Of Spresso Software Business Through Voluntary Chapter 11 Process

Reuters2023-04-03

April 2 (Reuters) - Boxed Inc :

* BOXED, INC. TO EXECUTE SALE OF SPRESSO SOFTWARE BUSINESS THROUGH VOLUNTARY CHAPTER 11 PROCESS

* ANNOUNCED TODAY THAT IT, AND ALL OF ITS SUBSIDIARIES, INITIATED VOLUNTARY PROCEEDINGS UNDER CHAPTER 11 OF U.S. BANKRUPTCY CODE

* COMPANY'S BOARD OF DIRECTORS HAS UNANIMOUSLY DETERMINED THAT SEEKING CHAPTER 11 PROTECTION IS MOST APPROPRIATE PATH FORWARD

* CO MADE DECISION TO WIND DOWN ITS RETAIL E-COMMERCE OPERATIONS OVER NEXT SEVERAL WEEKS

* SPRESSO BUSINESS CUSTOMERS ARE NOT ANTICIPATED TO SEE ANY DISRUPTION OF SERVICE THROUGHOUT SALE PROCESS

* BOXED INTENDS TO FUND AND PROTECT ITS NEAR-TERM OPERATIONS AND COVER ADMINISTRATIVE EXPENSES THROUGH ACCESS TO ITS CASH COLLATERAL

* COMPANY HAS ALSO FILED CERTAIN CUSTOMARY MOTIONS WITH BANKRUPTCY COURT TO FACILITATE A SMOOTH TRANSITION OF OPERATIONS

* MOTIONS ARE EXPECTED TO BE APPROVED WITHIN FIRST FEW DAYS OF CASE FOLLOWING FILING

Source text for Eikon: Further company coverage:

((Reuters.Briefs@thomsonreuters.com;))

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