Boxed stock surges +50% after getting new financing

• Boxed (NYSE:BOXD) on Friday said it entered into a second lien secured term loan facility with a lender that provided $10 million of new funding.
• Shares +52% at $0.72 after the bell.
• The new facility also provides for an additional $10 million in funding, subject to the completion of certain milestones in a process for the sale of the company.
• Boxed also entered into an amendment to its existing first lien debt facility with funds and accounts managed by BlackRock that, among other things, reduces its minimum liquidity covenant by $5 million.
• As part of the above transactions, about $32 million of the existing convertible notes previously held by the lender have been exchanged into new loans secured by a second lien security interest in substantially all of the assets of the company and its subsidiaries.
• The lender has been issued warrants to purchase 14 million shares of the Company’s outstanding common stock at an initial exercise price of $3.00 per share.