Merger MRAC

Enjoy Technology to Become a Public Company, Accelerating its Strategy to Reinvent "Commerce at Home"

, PR Newswire

Enjoy Technology, Inc.Company"), a technology-powered service platform reinventing "Commerce at Home," and Marquee Raine Acquisition Corp. (NASDAQ: MRAC), a TMT-focused special purpose acquisition company, announced today that they entered into a definitive merger agreement to accelerate Enjoy's rapid growth and vision to pioneer the next disruptive channel for retail.

Marquee Raine is sponsored by an affiliate of The Raine Group, a leading growth TMT-focused advisory and investment platform, and affiliates of Marquee Sports Holdings, a successful sports, media, entertainment and hospitality company led by the Ricketts family.

Upon the closing of the transaction, the combined company will operate as Enjoy Technology, Inc. and its common stock will be listed on the Nasdaq stock exchange under the ticker symbol "ENJY."

Enjoy Technology is a technology-powered platform reinventing "Commerce at Home" to bring the best of the store directly to the customer. Enjoy has formed multi-year commercial relationships with the world's leading consumer brands to bring the products, services and subscriptions their customers love through the door directly in the comfort and convenience of their homes. Co-founded by Apple retail legend, Ron Johnson, Enjoy has pioneered a new retail experience that can do everything a traditional retail experience offers, but better, through its Mobile Stores. Enjoy currently operates in the United States, Canada and the United Kingdom. Headquartered in Palo Alto, CA, Enjoy is leading the reinvention of "Commerce at Home."

Combination with Marquee Raine Acquisition Corp. Values Enjoy at an Approximate Enterprise Value of $1.2 Billion, Expected to Provide More Than $450 Million of Growth Capital for Enjoy to Achieve Approximately $1 Billion in Revenue by 2025

Underpinned by Proprietary Technology, Exclusive Relationships with Leading Consumer Brands, and a Compelling Margin Profile, Enjoy Has First-Mover Advantage in Large and Growing Total Addressable Market

The transaction is expected to deliver up to $454 million of gross proceeds to Enjoy, consisting of the contribution of up to approximately $374 million of cash held in Marquee Raine's trust account and $80 million of additional capital, through a private placement of common stock of the combined company, priced at $10.00 per share.

The transaction, unanimously approved by the board of directors of Marquee Raine and Enjoy, is expected to be completed in the third quarter of 2021, subject to approval by the stockholders of Marquee Raine and other customary closing conditions.

The Raine Group ("Raine") is acting as lead financial advisor to Marquee Raine. Houlihan Lokey is acting as financial advisor to Marquee Raine. Credit Suisse Securities (USA) LLC ("Credit Suisse") is acting as lead capital markets advisor and financial advisor to Enjoy. Goldman Sachs & Co. LLC ("Goldman Sachs") is also acting as financial advisor to Enjoy. Weil, Gotshal & Manges LLP is acting as legal advisor to Marquee Raine and Cooley LLP is acting as legal advisor to Enjoy. Raine, Credit Suisse and Goldman Sachs are acting as placement agents on the private placement.

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