- Boxed Inc (NYSE: BOXD) has filed for Chapter 11 bankruptcy and is looking to divest its software business.
- The e-commerce grocery platform also decided to wind down its retail e-commerce operations over the next several weeks.
- The company had entered into a Forbearance Agreement with its first lien secured lenders as an interim solution to protect the business.
- Boxed intends to fund and protect its near-term operations and cover administrative expenses through access to its cash collateral as it winds down during the Chapter 11 process and transitions its Spresso business to a new separate legal entity that will continue as a going concern.
- “This was an incredibly difficult decision, and one that we reached only after carefully evaluating and exhausting all available options,” said CEO and co-founder Chieh Huang.
- The bankruptcy filing comes sometime after the company said it held majority of its cash deposits with the collapsed Silicon Valley Bank.
- Price Action: BOXD shares closed lower by 15.27% at $0.1898 on Friday.
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U.S. stocks exhibited a mixed performance On Tuesday, with the Nasdaq Composite showing an uptick. The Dow, however, traded down by 0.22% to 36,124.56, while the NASDAQ rose by 0.31% to 14,229.91. The S&P 500 experienced a slight drop, falling by 0.06% to 4,567.18.
These are the top stocks that gained the attention of retail traders and investors throughout the day.
