Landcadia Holdings, Inc. and Waitr Announce Merger Agreement
Joint Investor Conference Call Scheduled for Tomorrow, Thursday, at 9:00 am ET
This afternoon, Landcadia, a $250 million SPAC, finally announced it had a definitive merger agreement with Waitr, a restaurant platform for online ordering and on-demand food delivery. Landcadia intends acquire Waitr for $308 million in total consideration in a cash and stock deal. Landcadia will pay a minimum of $50 million in cash to the equity holders of Waitr with the remainder paid in the combined company’s common stock.
For those unfamiliar with Landcadia, it is helmed by Tilman Fertitta, owner of the Houston Rockets as well as CEO and sole owner of Landry’s, Inc., one of the largest restaurant corporations in the U.S. The SPAC IPO’d on May 26, 2016, and had 24 months to complete its business combination, so they’re really getting this one in under the wire. However, Landcadia will most certainly have to file for an extension to the deadline since it is impossible to file a proxy statement and set a record date ahead of the vote and then actually vote, all in the next two weeks.
Plus, a note of caution… historically, last minute business combinations do not have the best track record and the press release felt a little underwhelming. Having said that, Tilman Fertitta has tremendous experience in the dining and hospitality space. Don’t count this one out yet until there are more details.
We are looking forward to the investor conference call, scheduled for tomorrow 9:00 am EST. You can find the call-in details in the press release here.
Mobiv Acquisition Corp. (NASDAQ:MOBV) announced this afternoon that it has closed its combination with EV motorcycle-maker SRIVARU. Shareholders originally approved the deal at a special meeting held back on September 28, but at that time, the parties expected the transaction to take just a week to close. Redemptions whittled Mobiv’s IPO share pool of 10,005,000 down...
Achari Ventures I (NASDAQ:AVHI) has entered into a definitive agreement to combine with medtech firm Vaso Corporation at an equity value of $176 million, or 19.5x its 2022 adjusted EBITDA. Wuxi, China-based Vaso provides IT services and sales support to medical device manufacturers. The combined company is expected to trade on the Nasdaq under the...
EF Hutton Acquisition Corp. I (NASDAQ:EFHT) announced this morning that its shareholders have approved its business combination with E.C.D. Auto Design. At the meeting, there were 5,089,203 shares of common stock, representing approximately 76.82% of the issued and outstanding shares of common stock, present. In connection with the meeting, the company’s stockholders holding 3,470,945 shares,...
Legato Merger Corp. III (NYSE:LEGT) filed for a $175 million IPO yesterday afternoon, becoming the fourth SPAC to file this week. While the other three SPACs that filed their S-1s earlier this week intend to pursue targets in the financial services and biotech industries, Legato III, similar to the earlier Legato SPACs, will focus on...
At the SPAC of Dawn This week ends with an unusually busy earnings calendar as 172 US-listed companies report quarterly figures today. Among them is Exela Technologies (NASDSAQ:XELA), which completed a combination with Quinpario 2 in 2017. The billing software company has gone on to do another SPAC deal on November 29, this time spinning...