Waitr Completes Its At-the-Market Common Stock Offering
July 15 2020 - 8:45AM
Business Wire
$10.5 Million of Proceeds to Prepay
Debt
Debt Interest Rate to be Reduced and
Maturity Extended
Waitr Holdings Inc. (Nasdaq: WTRH) (“Waitr” or the “Company”), a
leader in on-demand food ordering and delivery, today announced
that, as of July 10, 2020, it completed its previously announced
at-the-market (“ATM”) common equity offering program. The Company
issued an aggregate of 23,698,720 shares of common stock for gross
proceeds of $48.3 million during the period of March 20, 2020
through July 10, 2020.
“With the completion of our ATM equity offering and the
previously announced conversion of a portion of our outstanding
debt, we benefit from a strong and flexible balance sheet,” said
Carl Grimstad, Chairman and CEO of Waitr. “As of July 14, 2020, our
cash-on-hand was approximately $79 million, which we expect to be
further reinforced by the continued momentum and meaningful
profitability in our business.”
The Company plans to utilize $10.5 million of the proceeds from
the ATM to prepay a portion of its senior secured term loan, with
the balance used to fund operational and growth initiatives and for
general corporate purposes.
The Company also announced that the lenders under the Company’s
senior secured term loan and under its convertible notes have
agreed that, upon the prepayment of $10.5 million of the term loan,
the interest rate under each of the term loan and the convertible
notes will be reduced by 200 basis points for a one-year period, so
that the term loan interest rate will be 5.125% per annum and the
convertible notes interest rate will be 4.0% per annum during such
period, and the maturity of each of the term loan and the
convertible notes will be extended by one year to November 15,
2023.
About Waitr Holdings Inc.
Founded in 2013 and based in Lafayette, Louisiana, Waitr is a
leader in on-demand food ordering and delivery. Waitr, along with
Bite Squad connect local restaurants to hungry diners in
underserved U.S. markets. Together they are a convenient way to
discover, order and receive great food from local restaurants,
national chains and grocery stores. As of June 30, 2020, Waitr and
Bite Squad operated in small and medium sized markets in the United
States in over 600 cities.
Cautionary Note Concerning Forward-Looking Statements
This press release contains “forward-looking statements,” as
defined by the federal securities laws, including statements
regarding the Company’s preliminary unaudited financial results,
implementation of strategic initiatives and future performance of
the Company. Forward-looking statements reflect Waitr’s current
expectations and projections about future events at the time, and
thus involve uncertainty and risk. The words “believe,” “expect,”
“anticipate,” “will,” “could,” “would,” “should,” “may,” “plan,”
“estimate,” “intend,” “predict,” “potential,” “continue,” and the
negatives of these words and other similar expressions generally
identify forward-looking statements. Such forward-looking
statements are subject to various risks and uncertainties,
including the impact of the coronavirus (COVID-19) pandemic on the
Company’s business and operations, and those described under the
section entitled “Risk Factors” in Waitr’s Annual Report on Form
10-K for the year ended December 31, 2019, filed with the SEC on
March 16, 2020, as such factors may be updated from time to time in
Waitr’s periodic filings with the SEC, which are accessible on the
SEC’s website at www.sec.gov. Accordingly, there are or will be
important factors that could cause actual outcomes or results to
differ materially from those indicated in these statements. These
factors should not be construed as exhaustive and should be read in
conjunction with the other cautionary statements that are included
in this release and in Waitr’s filings with the SEC. While
forward-looking statements reflect Waitr’s good faith beliefs, they
are not guarantees of future performance. Waitr disclaims any
obligation to publicly update or revise any forward-looking
statement to reflect changes in underlying assumptions or factors,
new information, data or methods, future events or other changes
after the date of this press release, except as required by
applicable law. You should not place undue reliance on any
forward-looking statements, which are based only on information
currently available to Waitr (or to third parties making the
forward-looking statements).
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200715005292/en/
Investors WaitrIR@icrinc.com
Waitr (NASDAQ:WTRH)
Historical Stock Chart
From Mar 2024 to Apr 2024
Waitr (NASDAQ:WTRH)
Historical Stock Chart
From Apr 2023 to Apr 2024