Boxed (BOXD:NYE), the online wholesale retailer, saw a significant drop of over 35% in pre-market trading on Wednesday following its announcement on Tuesday that it was considering filing for potential bankruptcy and other options.
The company stated that it is currently seeking proposals for the sale of its assets, along with other strategic transactions to improve its liquidity position. Boxed is still assessing its options, including the possibility of seeking relief under the U.S. Bankruptcy Code.
Earlier this year, Boxed announced its plans to explore a potential sale of the company. However, the company’s forbearance agreement with one of its lenders is set to expire on Sunday, and it has not yet delivered a debtor-in-possession budget that satisfies the lenders’ requirements or entered into a binding debt commitment letter and term sheet, as specified under the terms of the forbearance agreement.
While Boxed is in ongoing discussions with the lenders, it may not be able to meet the repayment terms at this time. The company’s financial situation remains uncertain, and investors are closely monitoring developments.
Boxed Stock Analysis:
Based on the Boxed stock forecasts from 3 analysts, the average analyst target price for Boxed Inc is USD 2.68 over the next 12 months. Boxed Inc’s average analyst rating is Buy .
Stock Target Advisor’s own analysis of Boxed stock is Very Bearish, which is based on 0 positive signals and 5 negative signals. At the last closing, Boxed stock price was USD 0.43. Boxed Inc’s stock price has changed by -10.73% over the past week, -11.25% over the past month, and -95.55% over the last year.
Company Profile:
Boxed, Inc. operates as an e-commerce retailer and an e-commerce enabler in the continental United States. The company through its e-commerce retail service provides branded and privately labeled bulk pantry consumables, such as paper products, snacks, beverages, cleaning supplies, etc. to B2C and B2B customers, vendors, and enterprise retailers, as well as household customers.
It also provides Boxed IQ, a content management suite, programmatic cost-per-click ad platform, and vendor portal data suite, that offers vendors, suppliers, and CPG manufacturers the ability to advertise their products to customers, and access customer data and feedback in real-time; on-demand grocery services; and an enterprise-level e-commerce platform. Boxed, Inc. was founded in 2013 and is headquartered in New York, New York.
