Plans to Launch Good Final Mile Answer™ in North America, Rising Get pleasure from’s Stock Entry to Meet Demand in Time for 2021 Vacation Season
Now Count on Funding in Cell Shops Will Double Footprint to Practically 100 North American Markets and Increase Addressable Inhabitants to Greater than 235 Million Folks Globally
Present and Key Traders Decide to Present As much as $100 Million at $10.00 Per Share to Improve Certainty of Enterprise Mixture Closing in Early This fall
NEW YORK and PALO ALTO, Calif., Sept. 14, 2021 /PRNewswire/ — Marquee Raine Acquisition Corp. (NASDAQ: MRAC) (“Marquee Raine”) and Enjoy Technology Inc. (“Get pleasure from” or “the Firm”), a technology-powered service platform reinventing “Commerce at House,” right now introduced they’ve filed an up to date investor presentation on Kind 8-Ok with the Securities and Change Fee (the “SEC”) in reference to the beforehand introduced enterprise mixture between Marquee Raine and Get pleasure from.
“We proceed to see an unbelievable improve in demand for Get pleasure from experiences and providers,” stated Ron Johnson, CEO and Founding father of Get pleasure from. “The upcoming launch of our Good Final Mile™ answer in North America displays the belief of our key companions, who’ve requested us to broaden our providers to as many markets as attainable. To satisfy the rising demand for personalised ‘Commerce at House’ experiences, we count on to start 2022 with greater than 1,000 cell shops to help our aim of serving almost 100 markets in North America by the tip of subsequent yr.”
The investor supplies define Get pleasure from’s latest enterprise developments and working efficiency, together with:
Get pleasure from is launching an entire Good Final Mile™ answer in North America in This fall 2021. This transformational change will allow Get pleasure from to entry considerably extra stock and deal with a bigger share of its companions’ buyer demand. Get pleasure from plans to serve all present U.S. markets with this answer in time for the 2021 vacation season.
In response to requests from its companions, Get pleasure from plans to broaden to greater than 45 new markets throughout North America by the tip of 2022. With this substantial geographic growth, Get pleasure from will serve a complete of roughly 100 markets in North America and broaden its international inhabitants protection from 200 million to about 235 million addressable clients. Continued growth with Apple throughout Summer season 2021 triples Get pleasure from’s attain with Apple to cowl greater than 67 million complete addressable customers in 14 markets.
To satisfy these growth wants, Get pleasure from is pulling ahead $10 million of funding to extend certainty it could start 2022 with greater than 1,000 cell shops. This funding offers Get pleasure from nice confidence in its 2022 plan and path to realize company-level profitability in 2023.
Get pleasure from at present expects to realize 2021 forecast income of $109 million.
With a Q2 2021 income per go to exit price of $77 globally, and $84 in North America, Get pleasure from continues to believe in attaining its 2021 and 2022 income per go to forecasts.
Get pleasure from expects to realize cell retailer profitability in This fall 2021.
Get pleasure from has secured commitments from present and key buyers of as much as $100 million at $10.00 per share, if mandatory because of shareholder redemptions. Reflecting present market situations, Get pleasure from and Marquee Raine have adjusted the mixed firm’s approximate professional forma enterprise worth from $1.18 billion to $1.06 billion.
Continued Mr. Johnson, “Get pleasure from continues to realize accelerating progress and momentum at the same time as we navigate COVID-19-related challenges, and our income targets stay on monitor. We’re assured we’ll shut the enterprise mixture with Marquee Raine early within the fourth quarter. We admire the continued help of Marquee Raine and all of our buyers as we make the mandatory investments in our enterprise to satisfy the rising demand for Get pleasure from experiences and providers.”
Marquee Raine and Get pleasure from count on the enterprise mixture to be accomplished [early] within the fourth quarter of 2021. Upon completion of the transaction, the mixed firm will function as Get pleasure from Expertise Inc., and its widespread inventory and warrants shall be listed on the Nasdaq inventory alternate underneath the brand new ticker symbols “ENJY” and “ENJYW,” respectively.
About Marquee Raine Acquisition Corp.
Marquee Raine Acquisition Corp. is a clean test firm whose enterprise objective is to impact a merger, share alternate, asset acquisition, share buy, reorganization or comparable enterprise mixture with a number of companies or entities. Whereas the corporate could pursue an acquisition alternative in any enterprise trade or sector, it intends to deal with excessive progress sectors of TMT together with, however not restricted to, alternatives in interactive leisure and video games, actual cash gaming, digital media, sports activities and sports-enabled belongings, well being and wellness, out-of-home and reside leisure, audio content material and podcasting, expertise, or different alternatives in adjoining sectors.
About Get pleasure from Expertise
Get pleasure from Expertise is a technology-powered platform reinventing “Commerce at House” to convey the very best of the shop on to the shopper. Get pleasure from has fashioned multi-year business relationships with a few of the world’s main shopper manufacturers to convey the merchandise, providers and subscriptions their clients love by the door immediately within the consolation and comfort of their properties. Co-founded by Apple retail strategist, Ron Johnson, Get pleasure from has pioneered a brand new retail expertise that we imagine can do all the pieces a standard retail expertise presents, however higher, by its Cell Shops. Get pleasure from at present operates in the US, Canada and the UK. Headquartered in Palo Alto, CA, Get pleasure from is main the reinvention of “Commerce at House.” To study extra about Get pleasure from, please go to: www.enjoy.com/.
Ahead Trying Statements
This press launch comprises sure forward-looking statements inside the which means of the “protected harbor” provisions of the US Personal Securities Litigation Reform Act of 1995. These forward-looking statements embody, however will not be restricted to, statements concerning the anticipated consummation of the enterprise mixture and the transaction associated thereto, estimates and forecasts of economic and efficiency metrics; projections of market alternative and market share, expectations and timing associated to the announcement of strategic partnerships; the potential success of the Firm’s enterprise technique; the Firm’s analysis and growth efforts; and the Firm’s proposed plans to scale and expectations, together with statements concerning the effectiveness and effectivity of its providers. These forward-looking statements usually are recognized by the phrases “imagine,” “venture,” “count on,” “anticipate,” “estimate,” “intend,” “technique,” “future,” “alternative,” “plan,” “suggest,” “forecast,” “count on,” “search,” “goal” “could,” “ought to,” “will,” “would,” “shall be,” “will proceed,” “will probably outcome,” or different comparable expressions that predict or point out future occasions or traits or that aren’t statements of historic issues. Ahead-looking statements are predictions, projections and different statements about future occasions which might be based mostly on present expectations of Get pleasure from’s and Marquee Raine’s administration and will not be predictions of precise efficiency. These forward-looking statements are supplied for illustrative functions solely and will not be supposed to function and should not be relied on by any investor as, a assure, an assurance, a prediction or a definitive assertion of reality or likelihood. Precise occasions and circumstances are troublesome or inconceivable to foretell and can differ from assumptions. Many precise occasions and circumstances are past the management of Get pleasure from and Marquee Raine. Many elements might trigger precise future occasions to vary materially from the forward-looking statements on this press launch, together with however not restricted to: (i) the danger that the transaction is probably not accomplished in a well timed method or in any respect, which can adversely have an effect on the worth of Marquee Raine’s securities, (ii) the danger that the transaction is probably not accomplished by Marquee Raine’s enterprise mixture deadline and the potential failure to acquire an extension of the enterprise mixture deadline if sought by Marquee Raine, (iii) the failure to fulfill the situations to the consummation of the transaction, together with the adoption of the Settlement and Plan of Merger (the “Merger Settlement”) by the shareholders of Marquee Raine, the satisfaction of the minimal quantity following redemptions by Marquee Raine’s public shareholders and the receipt of sure governmental and regulatory approvals in Marquee Raine’s belief account, (iv) the shortage of a 3rd occasion valuation in figuring out whether or not or to not pursue the proposed transaction, (v) the shortcoming to finish the PIPE Funding, (vi) the incidence of any occasion, change or different circumstance that would give rise to the termination of the Merger Settlement, (vii) the impact of the announcement or pendency of the transaction on Get pleasure from’s enterprise relationships, working outcomes, and enterprise usually, (viii) dangers that the proposed transaction disrupts present plans and operations of Get pleasure from, (ix) the result of any authorized proceedings that could be instituted towards Get pleasure from or towards Marquee Raine associated to the Merger Settlement or the proposed enterprise mixture, (x) the power to take care of the itemizing of Marquee Raine’s securities on a nationwide securities alternate, (xi) adjustments within the aggressive and controlled industries by which Get pleasure from operates, variations in working efficiency throughout rivals, adjustments in legal guidelines and rules affecting Get pleasure from’s enterprise and adjustments within the mixed capital construction, (xii) the power to implement enterprise plans, forecasts, and different expectations after the completion of the proposed transaction, and establish and notice further alternatives, (xiii) the danger of downturns and a altering regulatory panorama within the extremely aggressive retail e-commerce trade, (xiv) the potential advantages of the proposed enterprise mixture (together with with respect to shareholder worth), (xv) the consequences of competitors on Get pleasure from’s future enterprise, (xvi) dangers associated to political and macroeconomic uncertainty, (xvii) the quantity of redemption requests made by Marquee Raine’s public shareholders, (xviii) the power of Marquee Raine or the mixed firm to difficulty fairness or equity-linked securities in reference to the proposed enterprise mixture or sooner or later and (xix) the affect of the COVID-19 pandemic. The foregoing checklist of things isn’t exhaustive. It’s best to fastidiously contemplate the foregoing elements and the opposite dangers and uncertainties described in Marquee Raine’s proxy assertion/prospectus filed on Could 14, 2021, as amended,, Marquee Raine’s closing prospectus filed on December 16, 2020 and the Annual Report on Kind 10-Ok, as amended, for the yr ended December 31, 2020, in every case, underneath the heading “Threat Components,” and different paperwork of Marquee Raine’s filed, or to be filed, with the SEC. These filings establish and deal with different necessary dangers and uncertainties that would trigger precise occasions and outcomes to vary materially from these contained within the forward-looking statements. Ahead-looking statements converse solely as of the date they’re made. Readers are cautioned to not put undue reliance on forward-looking statements, and Get pleasure from and Marquee Raine assume no obligation and don’t intend to replace or revise these forward-looking statements, whether or not because of new info, future occasions, or in any other case. Neither Get pleasure from nor Marquee Raine offers any assurance that both Get pleasure from or Marquee Raine, or the mixed firm, will obtain its expectations.
Extra Data and The place to Discover It
In reference to the proposed enterprise mixture between Get pleasure from and Marquee Raine, Marquee Raine has filed a registration assertion on Kind S-4, together with a proxy assertion, with the SEC. Traders and safety holders of Marquee Raine are urged to learn the registration assertion, the proxy assertion/prospectus and all different related paperwork filed or that shall be filed with the SEC in reference to the proposed transaction as they turn into obtainable as a result of they’ll comprise necessary details about Marquee Raine, Get pleasure from and the proposed enterprise mixture. Traders and safety holders could acquire copies of the proxy assertion/prospectus and different paperwork filed with the SEC by Marquee Raine by the web site maintained by the SEC at www.sec.gov. The data contained on, or that could be accessed by, the web sites referenced on this press launch isn’t integrated by reference into, and isn’t part of, this press launch.
Contributors in Solicitation
Marquee Raine, Get pleasure from, Marquee Raine’s sponsor and their respective administrators, govt officers, different members of administration, and workers, underneath SEC guidelines, could also be deemed members within the solicitation of proxies from Marquee Raine’s shareholders in reference to the proposed enterprise mixture. Traders and safety holders could acquire extra detailed info concerning the names, and pursuits within the enterprise mixture of sure of Marquee Raine’s administrators and officers in Marquee Raine’s filings with the SEC, together with the proxy assertion/prospectus. It’s possible you’ll acquire free copies of those paperwork as described within the previous paragraph.
No Supply or Solicitation
This press launch doesn’t represent a proposal to promote or alternate, or the solicitation of a proposal to purchase or alternate, any securities, nor shall there be any sale of securities in any jurisdiction by which such provide, sale or alternate can be illegal previous to registration or qualification underneath the securities legal guidelines of any such jurisdiction.
SOURCE Get pleasure from