Marquee Raine Acquisition Corp. and Enjoy Technology Announce Accelerated Expansion with Partners and Significant Commitment from Current and Key Investors to Increase Transaction Closure Confidence.
Plans are in the works to launch the Smart Last Mile SolutionTM in North America, increasing Enjoy's inventory access in time for the 2021 holiday season.
Fremont CA: Marquee Raine Acquisition Corp. and Enjoy Technology Inc., a technology-powered services company reinventing "Commerce at Home," announced today that they had filed a revised investor presentation on Form 8-K with the Securities and Exchange Commission (the "SEC") in connection with their announced earlier business combination.
"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 documents provide an overview of Enjoy's recent business advancements and operating results, which include:
• In the fourth quarter of 2021, Enjoy will offer a total Smart Last MileTM solution in North America. This seismic shift will allow Enjoy to access substantially more inventory and meet a greater proportion of its partners' consumer demand. Additionally, enjoy intends to use this solution in all existing U.S. markets by the Christmas season of 2021.
• In response to partner demands, Enjoy intends to grow into more than 45 new markets across North America by the end of 2022.
• Enjoy will service roughly 100 markets in North America due to this significant geographic expansion, increasing its worldwide population coverage from 200 million to over 235 million addressable clients. Additionally, continued growth with Apple in Summer 2021 triples Enjoy's reach with Apple to more than 67 million total addressable customers in 14 regions.
• To fulfill these expansion demands, Enjoy is committing 10 million dollars in advance investment to ensure that it can launch with more than 1,000 mobile stores in 2022. This investment instills considerable confidence in Enjoy's 2022 strategy and route to company-level profitability in 2023.
• Enjoy anticipates reaching mobile shop profitability in the fourth quarter of 2021.If required due to shareholder redemptions, Enjoy has obtained pledges of up to 100 million dollars from existing and key investors at 10.00 dollars per share. In addition, enjoy and Marquee Raine has reduced the merged company's approximate pro forma enterprise value from 1.18 billion dollars to 1.06 billion dollars to reflect current market circumstances.