Marquee Raine Acquisition and Enjoy Technology in a joint statement said they have lowered the valuation of their merger and secured additional PIPE financing to ensure the deal closes..
Enjoy has secured commitments from current and key investors of up to $100 million at $10 per share, if necessary as a result of shareholder redemptions. Reflecting current market conditions, Enjoy and Marquee Raine adjusted the combined company’s approximate pro forma enterprise value from $1.18 billion to $1.06 billion — a 10% decrease.
Announced in April, the transaction is expected to deliver up to $454 million to Enjoy, including approximately $374 million cash in trust, which assumes no redemptions. Read more.