Enjoy Common Stock to Begin Trading on Nasdaq Stock Exchange
Under the Ticker Symbol "ENJY" on October
18, 2021
Enjoy Has Raised More Than $250
Million Gross to Support Accelerating Growth, Launch of
Transformational Smart Last Mile™ Solution and
Expansion to Approximately 100 North American Markets
Enjoy to Ring the Nasdaq Opening Bell on October 18, 2021
PALO ALTO, Calif., Oct. 15, 2021 /PRNewswire/ -- Enjoy
Technology, Inc. ("Enjoy" or the "Company"), a technology-powered
service platform reinventing "Commerce at Home," today announced
the completion of its business combination with Marquee Raine
Acquisition Corp. ("Marquee Raine") (NASDAQ: MRAC), a TMT-focused
special purpose acquisition company, to become a publicly traded
company. The combined company will operate as Enjoy Technology,
Inc. and its common stock and warrants will begin trading on the
Nasdaq stock exchange ("Nasdaq") under the ticker symbols "ENJY"
and "ENJYW," respectively, on October 18,
2021.
The business combination was approved at a special meeting of
Marquee Raine shareholders held on October
13, 2021. Enjoy raised more than $250
million gross in growth capital over the course of the
transaction.
"Today marks a significant milestone for Enjoy," said
Ron Johnson, CEO and Founder of
Enjoy. "At Enjoy, we are pioneering the next disruptive channel in
retail as we reinvent 'Commerce at Home.' We are launching our
Smart Last MileTM solution to reimagine the last mile
for our partners by providing fast, convenient and personalized
experiences for customers. As a public company, we believe Enjoy is
poised to scale our business, add new services and meet our
partners' requests to accelerate our expansion into new markets. We
are excited to embark on this new chapter with Marquee Raine and
all of our investors as we meet the expected increasing demand for
Enjoy."
"We believe Enjoy is at the forefront of the transformation
underway in retail, driven by an unmatched level of customer
satisfaction and its proprietary mobile technology platform," said
Tom Ricketts, Co-Chairman of Marquee
Raine, Executive Chairman of the Chicago Cubs and a member of
Enjoy's Board of Directors. "With its innovative platform and
strong partnerships with the world's leading consumer companies, we
believe Enjoy is positioned for long-term growth and success. We
look forward to working with Ron and the entire Enjoy team through
its next chapter as a public company."
"We are thrilled to complete our combination with Enjoy," said
Brett Varsov, Co-CEO of Marquee
Raine, Partner at The Raine Group and a member of Enjoy's Board of
Directors. "As Enjoy enters the public markets, the Company has a
strong market position, is expanding its relationships with key
partners and is making the right investments to capitalize on its
first-mover advantage to achieve long-term growth and success."
CEO and Founder Ron Johnson will
continue to lead the combined company, along with Enjoy's
management team, through Enjoy's next phase of growth, innovation
and expansion with its key partners.
As the retail market accelerates its shift toward "Commerce at
Home," Enjoy continues to see increasing demand for its
personalized, convenient retail experiences and services. This
quarter, Enjoy is launching its complete Smart Last
MileTM solution in North
America, a transformational service expansion that positions
Enjoy to access significantly more inventory and address a larger
share of its partners' customer demand in time for the 2021 holiday
season. In response to requests from its partners, Enjoy plans to
expand to serve a total of approximately 100 markets in
North America and expand its
global population coverage to about 235 million addressable
customers.
Enjoy will be ringing the Nasdaq opening bell at 9:30 a.m. ET on October
18, 2021. The opening bell ceremony will be broadcast live
on Nasdaq's website.
Advisors
The Raine Group ("Raine") acted as lead
financial advisor to Marquee Raine. Houlihan Lokey acted as financial advisor to
Marquee Raine. Credit Suisse Securities (USA) LLC ("Credit Suisse") acted as lead
capital markets advisor and financial advisor to Enjoy. Goldman
Sachs & Co. LLC ("Goldman Sachs") also acted as financial
advisor to Enjoy. Baird, Stifel Nicolaus & Company, Telsey
Advisory Group, LLC and Loop Capital Markets acted as capital
markets advisors to Enjoy. Weil, Gotshal & Manges LLP acted as
legal advisor to Marquee Raine and Cooley LLP acted as legal
advisor to Enjoy.
Raine, Credit Suisse and Goldman Sachs acted as placement agents
on the private placement.
About Enjoy Technology
Enjoy Technology is a
technology-powered platform reinventing "Commerce at Home" to bring
the best of the store directly to the customer. Enjoy has formed
multi-year commercial relationships with some of the world's
leading consumer brands to bring the products, services and
subscriptions their customers love through the door directly in the
comfort and convenience of their homes. Founded by Ron Johnson, formerly Head of Apple Retail and a
member of Apple's executive team, Enjoy has pioneered a new retail
experience that we believe can do everything a traditional retail
experience offers, but better, through its Mobile Stores. Enjoy
currently operates in the United
States, Canada and the
United Kingdom. Headquartered in
Palo Alto, CA, Enjoy is leading
the reinvention of "Commerce at Home." To learn more about Enjoy,
please visit: www.enjoy.com/.
About Marquee Raine Acquisition Corp.
Marquee Raine
Acquisition Corp. is a blank check company whose business purpose
is to effect a merger, share exchange, asset acquisition, share
purchase, reorganization or similar business combination with one
or more businesses or entities. While the company may pursue an
acquisition opportunity in any business industry or sector, it
intends to focus on high growth sectors of TMT including, but not
limited to, opportunities in interactive entertainment and games,
real money gaming, digital media, sports and sports-enabled assets,
health and wellness, out-of-home and live entertainment, audio
content and podcasting, technology, or other opportunities in
adjacent sectors.
Forward Looking Statements
This press release contains
forward-looking statements within the meaning of the federal
securities laws. All statements other than statements of historical
fact contained in this release, including statements regarding
Enjoy's future operating results and financial position, business
strategy and plans, objectives of management for future operations
are forward-looking statements. These statements are based on
Enjoy's current expectations, assumptions, estimates and
projections. These statements involve known and unknown risks,
uncertainties and other important factors that may cause Enjoy's
actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements.
Forward-looking statements are based on management's current
expectations and assumptions regarding the Enjoy's business, the
economy and other future conditions.
In some cases, you can identify forward-looking statements by
terms such as "believe," "project," "expect," "anticipate,"
"estimate," "intend," "strategy," "future," "opportunity," "plan,"
"may," "should," "will," "would," "will be," "will continue," "will
likely result" or the negative of these terms or other similar
expressions. Forward-looking statements are predictions,
projections and other statements about future events that are based
on current expectations and assumptions and, as a result, are
subject to risks and uncertainties. Many factors could cause actual
future events to differ materially from the forward-looking
statements in this press release, including, without limitation,
those factors described in the Company's filings with the
Securities and Exchange Commission.
Because forward-looking statements are inherently subject to
risks and uncertainties, some of which cannot be predicted or
quantified, you should not rely on these forward-looking statements
as predictions of future events. Forward-looking statements speak
only as of the date they are made. New risks and uncertainties
arise over time, and it is not possible for Enjoy's to predict
those events or how they may affect Enjoy. If a change to the
events and circumstances reflected in Enjoy's forward-looking
statements occurs, Enjoy's business, financial condition and
operating results may vary materially from those expressed in
Enjoy's forward-looking statements. If a change to the events and
circumstances reflected in Enjoy's forward-looking statements
occurs, Enjoy's business, financial condition and operating results
may vary materially from those expressed in Enjoy's forward-looking
statements. Except as required by applicable law, Enjoy does not
plan to publicly update or revise any forward-looking statements
contained herein, whether as a result of any new information,
future events or otherwise.
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SOURCE Enjoy
