Boxed Inc. files for bankruptcy amidst SPAC fallout.
Online retailer Boxed has filed for Chapter 11 bankruptcy protection and will execute a sale of its Spresso software business to its first-lien secured lenders. At least nine companies that have gone public via merging with a special purpose acquisition company have now filed for bankruptcy. The SPAC mania attempted to reverse the trend of companies taking longer to go public, but it's now shown that not all companies are fit to be public.