Enjoy Technology Completes Business Combination with Marquee Raine Acquisition Corp. to Become a Publicly Traded Company Reinventing “Commerce at Home”
Enjoy Common Stock to Begin Trading on Nasdaq Stock Exchange Under the Ticker Symbol “ENJY” on October 18, 2021
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.
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“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.”
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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.
