Boxed to explore strategic alternatives, including possible sale

Boxed announced that its Board of Directors, with the support of management and financial and legal advisors, has launched a process to explore strategic alternatives, including, among other alternatives, a possible sale of the company. In addition, the company is, in parallel, actively exploring capital raising initiatives, and is targeting the announcement of additional funding within the next 45 days. The Board has retained Cowen and Solomon Partners Securities, LLC as its financial advisors and Freshfields Bruckhaus Deringer LLP as its legal advisor to assist with the strategic alternatives process. There can be no assurance that any offers will be made or accepted, that any agreement will be executed, or that any transaction will be consummated, in connection with the strategic alternatives or capital raising processes. Boxed does not intend to make further announcements about the strategic alternatives or capital raising processes unless and until the Board has approved a specific transaction or otherwise determines that further disclosure is appropriate or necessary.