Boxed plunges 40% after co says may file for bankruptcy

Hamilton Lane Incorporated

15/03/2023 12:25

** Boxed Inc's  BOXD.N  shares sink 40% to 25 cents after
e-commerce grocery platform says it may file for bankruptcy
    ** Co late Tues said continues to evaluate options,
including potentially filing for relief under U.S. Bankruptcy
Code and other strategic alternatives, per SEC filing
    ** As of Mar 13, co said it transferred majority of its cash
out of Silicon Valley Bank (SVB) accounts and is establishing a
new commercial banking relationship, per the filing
    ** Remaining cash balances at SVB accounts to fund its near
term obligations, co said
    ** A wave of customers have applied to shift their accounts
to large U.S. banks in wake of SVB's collapse
    ** Top BOXD holders include investment manager Hamilton Lane
Inc  HLNE.O  (5.4%), Vanguard (~5%), Japanese retail store
operator Aeon Co Ltd  8267.T  (~5%) and BlackRock Inc  BLK.N 
(~4%), according to Refinitiv data

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))