Plans to Launch Smart Last Mile Solution™ in North America, Increasing Enjoy's Inventory
Access to Meet Demand in Time for 2021 Holiday Season
Now Expect Investment in Mobile Stores Will Double Footprint
to Nearly 100 North American Markets and Expand Addressable
Population to More than 235 Million People Globally
Current and Key Investors Commit to Provide Up to
$100 Million at $10.00 Per Share to Increase Certainty of
Business Combination Closing in Early Q4
NEW YORK and PALO ALTO, Calif., Sept. 14, 2021 /PRNewswire/ -- Marquee Raine
Acquisition Corp. (NASDAQ: MRAC) ("Marquee Raine") and Enjoy
Technology Inc. ("Enjoy" or "the Company"), a technology-powered
service platform reinventing "Commerce at Home," today announced
they have filed an updated investor presentation on Form 8-K with
the Securities and Exchange Commission (the "SEC") in connection
with the previously announced business combination between Marquee
Raine and Enjoy.
"We continue to see an incredible increase in demand for Enjoy
experiences and services," said Ron
Johnson, CEO and Founder of Enjoy. "The upcoming launch of
our Smart Last Mile™ solution in North
America reflects the trust of our key partners, who have
asked us to expand our services to as many markets as possible. To
meet the growing demand for personalized 'Commerce at Home'
experiences, we expect to begin 2022 with more than 1,000 mobile
stores to support our goal of serving nearly 100 markets in
North America by the end of next
year."
The investor materials outline Enjoy's recent business
developments and operating performance, including:
- Enjoy is launching a complete Smart Last Mile™ solution in
North America in Q4 2021. This
transformational change will enable Enjoy to access significantly
more inventory and address a larger share of its partners' customer
demand. Enjoy plans to serve all existing U.S. markets with this
solution in time for the 2021 holiday season.
- In response to requests from its partners, Enjoy plans to
expand to more than 45 new markets across North America by the end of 2022. With this
substantial geographic expansion, Enjoy will serve a total of
approximately 100 markets in North
America and expand its global population coverage from 200
million to about 235 million addressable customers. Continued
expansion with Apple during Summer 2021 triples Enjoy's reach with
Apple to cover more than 67 million total addressable consumers in
14 markets.
- To meet these expansion needs, Enjoy is pulling forward
$10 million of investment to increase
certainty it can begin 2022 with more than 1,000 mobile stores.
This investment gives Enjoy great confidence in its 2022 plan and
path to achieve company-level profitability in 2023.
- Enjoy currently expects to achieve 2021 forecast revenue of
$109 million.
- With a Q2 2021 revenue per visit exit rate of $77 globally, and $84 in North
America, Enjoy continues to have confidence in achieving its
2021 and 2022 revenue per visit forecasts.
- Enjoy expects to achieve mobile store profitability in Q4
2021.
Enjoy has secured commitments from current and key investors of
up to $100 million at $10.00 per share, if necessary as a result of
shareholder redemptions. Reflecting current market conditions,
Enjoy and Marquee Raine have adjusted the combined company's
approximate pro forma enterprise value from $1.18 billion to $1.06
billion.
Continued Mr. Johnson, "Enjoy continues to achieve accelerating
growth and momentum even as we navigate COVID-19-related
challenges, and our revenue targets remain on track. We are
confident we will close the business combination with Marquee Raine
early in the fourth quarter. We appreciate the ongoing support of
Marquee Raine and all of our investors as we make the necessary
investments in our business to meet the growing demand for Enjoy
experiences and services."
The investor presentation can be accessed via the SEC website
at www.sec.gov and is also available at Enjoy's website at
Enjoy.com/investors.
Marquee Raine and Enjoy expect the business combination to be
completed [early] in the fourth quarter of 2021. Upon completion of
the transaction, the combined company will operate as Enjoy
Technology Inc., and its common stock and warrants will be listed
on the Nasdaq stock exchange under the new ticker symbols "ENJY"
and "ENJYW," respectively.
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.
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. Co-founded
by Apple retail strategist, Ron Johnson, 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/.
Forward Looking Statements
This press release contains certain forward-looking statements
within the meaning of the "safe harbor" provisions of the United
States Private Securities Litigation Reform Act of 1995. These
forward-looking statements include, but are not limited to,
statements regarding the anticipated consummation of the business
combination and the transaction related thereto, estimates and
forecasts of financial and performance metrics; projections of
market opportunity and market share, expectations and timing
related to the announcement of strategic partnerships; the
potential success of the Company's business strategy; the Company's
research and development efforts; and the Company's proposed plans
to scale and expectations, including statements regarding the
effectiveness and efficiency of its services. These forward-looking
statements generally are identified by the words "believe,"
"project," "expect," "anticipate," "estimate," "intend,"
"strategy," "future," "opportunity," "plan," "propose," "forecast,"
"expect," "seek," "target" "may," "should," "will," "would," "will
be," "will continue," "will likely result," or other similar
expressions that predict or indicate future events or trends or
that are not statements of historical matters. Forward-looking
statements are predictions, projections and other statements about
future events that are based on current expectations of Enjoy's and
Marquee Raine's management and are not predictions of actual
performance. These forward-looking statements are provided for
illustrative purposes only and are not intended to serve as and
must not be relied on by any investor as, a guarantee, an
assurance, a prediction or a definitive statement of fact or
probability. Actual events and circumstances are difficult or
impossible to predict and will differ from assumptions. Many actual
events and circumstances are beyond the control of Enjoy and
Marquee Raine. Many factors could cause actual future events to
differ materially from the forward-looking statements in this press
release, including but not limited to: (i) the risk that the
transaction may not be completed in a timely manner or at all,
which may adversely affect the price of Marquee Raine's securities,
(ii) the risk that the transaction may not be completed by Marquee
Raine's business combination deadline and the potential failure to
obtain an extension of the business combination deadline if sought
by Marquee Raine, (iii) the failure to satisfy the conditions to
the consummation of the transaction, including the adoption of the
Agreement and Plan of Merger (the "Merger Agreement") by the
shareholders of Marquee Raine, the satisfaction of the minimum
amount following redemptions by Marquee Raine's public shareholders
and the receipt of certain governmental and regulatory approvals in
Marquee Raine's trust account, (iv) the lack of a third party
valuation in determining whether or not to pursue the proposed
transaction, (v) the inability to complete the PIPE Investment,
(vi) the occurrence of any event, change or other circumstance that
could give rise to the termination of the Merger Agreement, (vii)
the effect of the announcement or pendency of the transaction on
Enjoy's business relationships, operating results, and business
generally, (viii) risks that the proposed transaction disrupts
current plans and operations of Enjoy, (ix) the outcome of any
legal proceedings that may be instituted against Enjoy or against
Marquee Raine related to the Merger Agreement or the proposed
business combination, (x) the ability to maintain the listing of
Marquee Raine's securities on a national securities exchange, (xi)
changes in the competitive and regulated industries in which Enjoy
operates, variations in operating performance across competitors,
changes in laws and regulations affecting Enjoy's business and
changes in the combined capital structure, (xii) the ability to
implement business plans, forecasts, and other expectations after
the completion of the proposed transaction, and identify and
realize additional opportunities, (xiii) the risk of downturns and
a changing regulatory landscape in the highly competitive retail
e-commerce industry, (xiv) the potential benefits of the proposed
business combination (including with respect to shareholder value),
(xv) the effects of competition on Enjoy's future business, (xvi)
risks related to political and macroeconomic uncertainty, (xvii)
the amount of redemption requests made by Marquee Raine's public
shareholders, (xviii) the ability of Marquee Raine or the combined
company to issue equity or equity-linked securities in connection
with the proposed business combination or in the future and (xix)
the impact of the COVID-19 pandemic. The foregoing list of factors
is not exhaustive. You should carefully consider the foregoing
factors and the other risks and uncertainties described in Marquee
Raine's proxy statement/prospectus filed on May 14, 2021, as amended,, Marquee Raine's final
prospectus filed on December 16, 2020
and the Annual Report on Form 10-K, as amended, for the year ended
December 31, 2020, in each case,
under the heading "Risk Factors," and other documents of Marquee
Raine's filed, or to be filed, with the SEC. These filings identify
and address other important risks and uncertainties that could
cause actual events and results to differ materially from those
contained in the forward-looking statements. Forward-looking
statements speak only as of the date they are made. Readers are
cautioned not to put undue reliance on forward-looking statements,
and Enjoy and Marquee Raine assume no obligation and do not intend
to update or revise these forward-looking statements, whether as a
result of new information, future events, or otherwise. Neither
Enjoy nor Marquee Raine gives any assurance that either Enjoy or
Marquee Raine, or the combined company, will achieve its
expectations.
Additional Information and Where to Find It
In connection with the proposed business combination between
Enjoy and Marquee Raine, Marquee Raine has filed a registration
statement on Form S-4, including a proxy statement, with the SEC.
Investors and security holders of Marquee Raine are urged to read
the registration statement, the proxy statement/prospectus and all
other relevant documents filed or that will be filed with the SEC
in connection with the proposed transaction as they become
available because they will contain important information about
Marquee Raine, Enjoy and the proposed business combination.
Investors and security holders may obtain copies of the proxy
statement/prospectus and other documents filed with the SEC by
Marquee Raine through the website maintained by the SEC at
www.sec.gov. The information contained on, or that may be accessed
through, the websites referenced in this press release is not
incorporated by reference into, and is not a part of, this press
release.
Participants in Solicitation
Marquee Raine, Enjoy, Marquee Raine's sponsor and their
respective directors, executive officers, other members of
management, and employees, under SEC rules, may be deemed
participants in the solicitation of proxies from Marquee Raine's
shareholders in connection with the proposed business combination.
Investors and security holders may obtain more detailed information
regarding the names, and interests in the business combination of
certain of Marquee Raine's directors and officers in Marquee
Raine's filings with the SEC, including the proxy
statement/prospectus. You may obtain free copies of these documents
as described in the preceding paragraph.
No Offer or Solicitation
This press release does not constitute an offer to sell or
exchange, or the solicitation of an offer to buy or exchange, any
securities, nor shall there be any sale of securities in any
jurisdiction in which such offer, sale or exchange would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
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