Boxed, Inc. Announces Receipt of NYSE Standard Continuing Listing Notice

Boxed, Inc.

Intends to remedy the deficiency and return to compliance with the NYSE listing standard

NEW YORK, Oct. 14, 2022 (GLOBE NEWSWIRE) — Boxed, Inc. (NYSE: BOXD, BOXD WS) (“Boxed” or the “Company”), an online platform that sells wholesale household consumables and licenses its -commerce software through its Spresso Software and Services division, today announced that the company has received a written letter from the New York Stock Exchange (the “NYSE”) stating that it is not in compliance with Section 802.01C of the NYSE Listed Company Manual because the average closing price of the Company’s common stock was less than $1.00 over a period of 30 consecutive trading days. The notice has no immediate impact on the listing of the Company’s common stock, which will continue to be listed and traded on the NYSE, subject to the Company’s compliance with other NYSE continuous listing standards.

The Company will notify the NYSE that it intends to remedy the stock price deficiency and return to compliance with the NYSE Continuous Listing Standard. The Company may reinstate compliance at any time during the six-month period following receipt of notice from the NYSE if, on the last trading day of any calendar month during the remedial period, the Company has a closing price of at least $1.00 and an average closing stock price of at least $1.00 over the 30 trading day period ending on the last trading day of that month. The Company intends to consider available alternatives, including, but not limited to, a reverse stock split, subject to shareholder approval, no later than the next annual meeting of shareholders of the Company, if necessary to remedy the non-conformity of the share price. Under NYSE rules, if the company determines that it will remedy the stock price shortfall by taking an action that will require shareholder approval no later than its next annual meeting of shareholders and implements promptly thereafter, the price condition will be deemed corrected if the price quickly rises above $1.00 per share and the price remains above that level for at least the next 30 trading days.

The Company’s common stock will continue to be listed and traded on the NYSE during this period, subject to the Company’s compliance with the NYSE’s other continuous listing standards.

Forward-looking statements
Certain statements contained in this press release may constitute “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements generally relate to future events, such as Boxed’s plan to notify the NYSE of its intention to remedy the continuing listing requirement deficiency and any potential plan to remedy the action, including action that would require a shareholder vote. In some cases, you can identify forward-looking statements by terms such as “intends”, “plans” and “will”, or the negative form of these terms or variations thereof or similar terminology. These forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. We have based these forward-looking statements on our current expectations and assumptions and on analyzes we have made in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors that we deem appropriate in the circumstances. . However, whether actual results and developments will meet our expectations and projections is subject to a number of risks and uncertainties, many of which are beyond our control, including the Company’s ability to regain compliance with NYSE’s continuing listing standards within the applicable cure period, the Company’s ability to continue to comply with applicable NYSE listing standards and the other factors under the heading “Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, and in other filings the Company has made and may make in the future with the SEC. All forward-looking statements made in this press release are qualified by these cautionary statements. The actual results or developments anticipated may not materialize or, even if substantially materialized, they may not have the consequences or the anticipated effects on our Company or our business or operations. These statements are not intended to be guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. We assume no obligation to update or revise any forward-looking statements.

About Boxed
Boxed is an e-commerce retailer and e-commerce facilitator. The Company operates an online retail service that provides bulk pantry consumables to businesses and individuals without the requirement to be a member of a big box store. This service is powered by Spresso, the company’s own software and services company. Whether solving data problems using machine learning modules or reformatting with end-to-end technology, showcase, marketplace, analytics, execution, Spresso’s advertising and robotics enable better business outcomes for e-commerce customers. The Company aspires to have a positive social impact by emphasizing good environmental, social and governance (“ESG”) practices and, as such, has developed a powerful and unique brand, known for doing good through its customers, employees and society. For more information, visit Investors.boxed.com.

Media Contacts
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Canned
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Investor contacts
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RIC
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