Waitr Completes Its At-the-Market Common Stock Offering
$10.5 Million of Proceeds to Prepay Debt
Debt Interest Rate to be Reduced and Maturity Extended
LAFAYETTE, La. July 15, 2020Waitr 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 Companys 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.
Concerning Forward-Looking Statements
This press release contains forward-looking statements, as defined by the federal securities laws,
including statements regarding the Companys preliminary unaudited financial results, implementation of strategic initiatives and future performance of the Company. Forward-looking statements reflect Waitrs 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 Companys business and