Mobile-Store Company Enjoy to Go Public Through SPAC Deal
April 28 2021 - 08:01AM
Dow Jones News
By Dave Sebastian
Mobile-store company Enjoy Technology Inc. is going public
through a combination with the special-purpose acquisition
corporation Marquee Raine Acquisition Corp., in a deal that values
Enjoy at an equity value of $1.64 billion.
Enjoy said it has formed relationships with companies including
AT&T Inc., BT Group PLC, Rogers Communications Inc. and Apple
Inc. The company said it expects to post about $1 billion in
revenue by 2025, representing a 78% compound annual revenue growth
rate from 2020 through 2025.
The companies expect the transaction to deliver up to $454
million in gross proceeds to Enjoy, comprising up to about $374
million in cash held in Marquee Raine's trust account and $80
million in additional capital through a private placement priced at
$10 a share.
Sponsors of the SPAC are an affiliate of the Raine Group, a
telecommunications, media and technology-focused advisory and
investment platform, and affiliates of Marquee Sports Holdings, a
sports, media, entertainment and hospitality company led by the
Ricketts family.
The companies expect the deal to close in the third quarter.
Enjoy will be traded on Nasdaq under the ticket "ENJY," the
companies said.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
April 28, 2021 08:46 ET (12:46 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
Bt (LSE:BT.A)
Historical Stock Chart
From Feb 2024 to Mar 2024
Bt (LSE:BT.A)
Historical Stock Chart
From Mar 2023 to Mar 2024