re: Waitr Going Public date set

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What markets (big) is WAITR in? I don't believe they are in CHI or NYC,

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I don’t think they have any aspirations of being a player in NYC, Chicago, etc. They are more into the Albany/Syracuse/Ithaca/Binghamton NY cities. Smaller college cities and medium sized regular cities are their niche.

LCA is at 11.48 currently, so I would expect it to be around there. You can check it on Nov. 15th to have a better idea.

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My question is, how in the hell can enough people afford food delivery services to make this company so profitable?

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It seems 90% of the local hospital does waitr on a weekly basis and that's just in frickin Alexandria. There is a huge market

Waitr > Uber Eats

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LCA is at 11.48 currently, so I would expect it to be around there. You can check it on Nov. 15th to have a better idea.

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This is not an IPO. It will not "open".

This is a reverse merger into LCA which is a Special Purpose Acquisition corporation (SPAC).

LCA shareholders need to "approve" the merger (sort of, in actuality they both need to vote yes for the merger and also elect to stay in). Once approved, LCA will start trading as the new ticker, and given where the stock is trading i would expect it to be around the same level. (if it were closer to 10 i would expect to trade down post merger, which is another nuance of SPACs).

If people are interested in this, another way to participate is that LCA as part of the SPAC structure has 5 year warrants with an 11.50 strike, currently trad at $1.41. Ticker LCAHW (until the merger happens).

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I don’t think anyone has been paid yet. But I thjnk That they will get some cash payment (a certain percentage) and the rest will be LCA/WTRH stock. Initially they said about $50 mm paid in cash and the rest in stock.

And Waitr > Uber eats and Grubhub or at least the studies of customer retention and usage show that.

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LINK

See attached presentation, slide 6 has a sources and uses.

Looks like existing WAITR equity will receive $75 million in cash and 22.5 million share of the new company.

Excuse the wall of text..

I noticed this on
LINK

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We may redeem your unexpired warrants prior to their exercise at a time that is disadvantageous to our public stockholders, thereby making their warrants worthless.


We have the ability to redeem outstanding warrants at any time after they become exercisable and prior to their expiration, at a price of $0.01 per warrant, provided that the closing price of our Class A common stock equals or exceeds $18.00 per share for any 20 trading days within a 30 trading-day period ending on the third trading day prior to proper notice of such redemption provided that on the date we give notice of redemption. If and when the warrants become redeemable by us, we may exercise our redemption right even if the issuance of shares of Class A common stock upon exercise of the warrants is not exempt from registration or qualification under applicable state blue sky laws and we are unable to effect such registration or qualification, subject to our obligation in such case to use our best efforts to register or qualify the shares of Class A common stock under the blue sky laws of the state of residence in those states in which the warrants were initially offered by us in the public offering. Redemption of the outstanding warrants could force our public stockholders (i) to exercise their warrants and pay the exercise price therefor at a time when it may be disadvantageous for them to do so, (ii) to sell their warrants at the then-current market price when they might otherwise wish to hold their warrants or (iii) to accept the nominal redemption price which, at the time the outstanding warrants are called for redemption, is likely to be substantially less than the market value of their warrants. None of the Sponsor Warrants will be redeemable by us so long as they are held by their initial purchasers or their permitted transferees.

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Can someone explain this roughly? Does this mean that the most my warrant (50% of the stock for 5.75) will be worth is half of the $18.00 maximum, or $9?

So I'm paying $1.40 (LCAHW price) for the chance to pay $5.75 for a half share of LCA which can't go above $18?

So I could never exercise my warrants when LCA is $40 or $50?

I really think this company is going to do well. I'm trying to position myself intelligently.

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You are paying $1.40 for a 5 year option to buy stock at $11.50. (The ipo was originally sold as a unit of 1 share of stock and half a warrant. Post the IPO the the units split into stock and warrants that trade separately (not everyone splits their warrants so there are actually three securities currently trading (LCAHU, LCA, LCAHW). If you bought 100 shares of the units on the IPO and subsequently split the units you would 100 shares of common stock and 50 warrants. Hence, the current warrants are whole warrant and not half warrants.

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Thanks! I've spent days trying to figure this out.

Now, what about the $18.00 jargon?

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whodatigahbait

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What are your thoughts on WTRH?