Waitr Raises Nearly $ 50 Million In Stock Sale, Renegotiates Debt | Business

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Online food delivery company Waitr Holdings Inc. has sold $ 48.3 million of common stock to shareholders, or about 23.6 million shares in recent weeks.

The company plans to use $ 10.5 million of this to pay off part of its senior secured term loan and the remainder for “operational and growth initiatives,” but also for general corporate purposes.

Waitr has negotiated with lenders, including New York hedge fund Luxor Capital, that if he made this payment, his interest rate would drop 200 basis points for a year to 5.1% while his convertible note existing would drop to 4% over the same period and loans will not be due until November 2023.

That brings the cash flow for this Louisiana-based company to $ 79 million, a big change from several months ago when it ran out of cash and only had about $ 30 million in cash.

Waitr was $ 291 million in the red in 2019, up from a loss of $ 34 million in 2018.

Waitr is now forecasting its first profitable quarter since the company went public in 2018, partly driven by increased demand caused by the coronavirus pandemic, but also a shift from salaried drivers to independent contractors.

We will keep you posted on the Acadian economy. Register today.

The company’s stock was trading at around $ 3.74 per share on Wednesday morning, down from its 52-week peak of $ 5.57 per share in July 2019.

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