Enjoy Technology, a retail startup founded by former Apple executive Ron Johnson, filed for bankruptcy today — less than a year after going public through a merger with a blank-check company, Bloomberg reports.
Enjoy operates a commerce platform for home-based consumers. The company plans to keep operating and sell itself to Asurion while in Chapter 11 bankruptcy, court papers show. Asurion has agreed to lend $52.5 million of new money to fund the Chapter 11 case.
Enjoy went public in October last year by way of a merger with Marquee Raine Acquisition. The move brought in $112.6 million of fresh capital after the repayment of certain loans and transaction costs, according to court papers.
When announced in April 2021, the transaction was expected to deliver up to $454 million to Enjoy, including approximately $374 million cash in trust, although that figure assumed no SPAC share redemptions, which were not disclosed when the deal was approved by Marquee Raine shareholders. Read more.
