• Online wholesale retailer Boxed.com said it would go public through a merger with a Special Purpose Acquisition Company (SPAC), Seven Oaks Acquisition Corp (NASDAQ: SVOK), the Wall Street Journal reports.

• The combined value of the company is estimated to be about $900 million.

• The move comes after a surge in demand for delivery services during the COVID-19 pandemic.

• Boxed will receive $887 million in equities and $334 million in cash through the deal.

• The deal is expected to close in the fourth quarter.

• Chieh Huang, Chief Executive Officer of Boxed, said the company would concentrate on making more deliveries to businesses than to private households to become profitable.

• SPACs, also known as blank check companies, has gained popularity in recent times as the easiest way for star-up to go public and raise capital.

• Price action: SVOK shares are trading higher by 0.71% at $9.88 in premarket trading on last check Monday.

• Image Courtesy: Wikimedia

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