Boxed Exploring Strategic Alternatives

Boxed is exploring strategic alternatives that include a possible sale of the company.

Additionally, the e-commerce outlet said it is also actively exploring raising capital and is targeting an announcement of additional funding within the next 45 days. 

Company officials said they will not make further announcements about the strategic alternatives or capital raising processes unless and until its board of directors has approved a specific transaction or otherwise determines that further disclosure is appropriate or necessary.

The announcement comes a little more than a month after Boxed received a delisting notice from the New York Stock Exchange (NYSE), which said the company was out of compliance with exchange rules as its average global market capitalization was less than $50 million over a consecutive 30-day trading period.

Additionally, the company has also struggled to grow net revenues. Boxed reported total net revenue for its third quarter of $41.65 million, down from revenue of $49.01 million in the comparable quarter the previous year. Net loss in Q3 was $26.38 million compared to a net loss of $5.9 million the comparable quarter the previous year.