Boxed Inc (NYSE:BOXD) shares are trading higher by 20% to $0.57 Monday morning after the company on Friday announced up to $20 million of new financing.
Boxed says, concurrently with the financing with the lender, the company entered into an amendment to its existing first lien debt facility with funds and accounts managed by BlackRock that, among other things, reduces the company's minimum liquidity covenant by $5 million.
Chieh Huang, Co-Founder and Chief Executive Officer of Boxed, said, "This new financing will provide greater flexibility for us to continue to execute on our strategic vision and the strategic alternatives process. We value our existing relationships with funds and accounts managed by BlackRock and the Lender and are excited to continue to work closely with them."
According to data from Benzinga Pro, Boxed Inc has a 52-week high of $12.45 and a 52-week low of $0.18.