On March 14, 2023, The Wall Street Journal released an article entitled “Household Retailer Boxed is Negotiating With Lenders for Bankruptcy Sale.” The article discussed how Boxed might file for bankruptcy, as it continues to explore a possible sale of its business. Further, the article noted that Boxed is considering this drastic action less than two years after going public through a merger with a special-purpose acquisition company (“SPAC”), and that it is trying to establish a new commercial banking relationship after transferring the majority of its cash out of its accounts at Silicon Valley Bank.

On this news, the price of Boxed’s stock fell $0.21, or 48.25%, to close at $0.2199 per share on March 15, 2023.