LAFAYETTE, La.–(BUSINESS WIRE)–Waitr Holdings Inc. (Nasdaq: WTRH) (“Waitr” or the “Company”), soon to be known as ASAP, today announced a debt-for-equity exchange with its convertible note credit facility that reinforces Luxor’s commitment to the Company’s management team and strategy. Under the transaction, Luxor has agreed to convert a certain principal amount of their convertible notes into common stock equating to a beneficial ownership (including outstanding derivatives) of approximately 17% of the Company’s common stock, following satisfaction of the Nasdaq Stock Market notification and compliance requirements.
“We are excited about our outlook as we continue to transition to the ‘Deliver Anything ASAP’ business model, along with our rebrand as ASAP.”
“This agreement signifies a tremendous vote of confidence in our Company, management, and the future strategy of the business,” said Carl Grimstad, CEO and Chairman of the Board of Waitr, soon to be ASAP. “We are excited about our outlook as we continue to transition to the ‘Deliver Anything ASAP’ business model, along with our rebrand as ASAP.”
In recent weeks, Waitr, soon to be ASAP, already known for its best-in-class food delivery, has expanded its services, signing agreements to launch delivery of a wide variety of items such as apparel, luxury, sporting goods, alcohol, auto parts, electrical products and other products.
Another new, noteworthy service is Waitr’s, soon to be ASAP, proprietary in-stadium ordering technology, which allows fans to avoid the typical long lines at stadium concession areas. This recently developed fan favorite is already part of our offering used by the New Orleans Saints, the University of Alabama and at Louisiana State University, among others. We have plans to add new venues across the nation over time.
About Waitr Holdings Inc.
Founded in 2013 and based in Lafayette, Louisiana, Waitr operates an online ordering technology platform. It will soon be renamed ASAP as it transitions into a broader deliver anything model including food, alcohol, apparel, flowers, auto parts, and more. Its proprietary in-stadium delivery system now provides an enhanced fan experience at sports and entertainment venues. Additionally, Waitr facilitates access to third parties that provide payment processing solutions for restaurants and other merchants. Waitr, along with Bite Squad and Delivery Dudes, is a convenient way to discover, order and receive a wide variety of on-demand products. As of March 31, 2022, we operate in approximately 1,000 cities throughout the United States.