SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 25, 2019
WAITR HOLDINGS INC.
(Exact name of registrant as specified in its charter)
(State or other jurisdiction
844 Ryan Street, Suite 300, Lake Charles, Louisiana 70601
(Address of principal executive offices, including zip code)
Registrants telephone number, including area code: 1-800-661-9036
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
|Item 1.01|| |
Entry in a Material Definitive Agreement.
On February 25, 2019, Waitr Holdings Inc., a Delaware corporation (the Company), and Continental Stock Transfer & Trust Company (the Warrant Agent) entered into Amendment No. 1 (the Warrant Amendment) to the Warrant Agreement, dated as of May 25, 2016 (the Warrant Agreement), by and between the Company and the Warrant Agent. The Warrant Amendment amends the Warrant Agreement to provide the Company with the right to require the holders of the Companys publicly traded warrants (the public warrants) to exchange their public warrants for shares of common stock, par value $0.0001 per share, of the Company (common stock) at an exchange ratio of 0.162 shares of common stock for each public warrant. The Company has the right to require the exchange of not less than all of the public warrants at any time while such public warrants are exercisable and prior to their expiration, at the office of the Warrant Agent, upon notice to the registered holders of the outstanding public warrants at least fifteen days prior to the date of exchange fixed by the Company.
The Company intends to exchange all remaining untendered public warrants for shares of common stock in accordance with the terms of the Warrant Agreement, as amended, on March 12, 2019.
The foregoing description of the Warrant Amendment is qualified in its entirety by reference to the Warrant Amendment, which is filed as Exhibit 10.1 hereto and is incorporated herein by reference.
|Item 3.03|| |
Material Modifications to Rights of Security Holders.
To the extent required by Item 3.03 of Form 8-K, the disclosure set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference in this Item 3.03.
|Item 5.07|| |
Submission of Matters to a Vote of Security Holders.
As previously disclosed, in connection with the Companys offer to each holder of the public warrants to receive 0.18 shares of common stock in exchange for each public warrant tendered by the holder and exchanged pursuant to the offer (the Offer), the Company solicited consents (the Consent Solicitation) from holders of the public warrants to approve the Warrant Amendment.
The Offer and Consent Solicitation expired at 11:59 p.m. Eastern Standard Time on February 22, 2019. A total of 24,769,192 public warrants, or approximately 99.1% of the 25,000,000 outstanding public warrants, were validly tendered and not withdrawn in the Offer, including 119,892 public warrants that were tendered through a notice of guaranteed delivery, and were therefore deemed to have consented to the Warrant Amendment. Because consents were received from holders of more than 65% of the public warrants, the Warrant Amendment was approved. The Company intends to exchange all remaining untendered public warrants for shares of common stock in accordance with the terms of the Warrant Agreement, as amended, on March 12, 2019.
The Company expects to issue 4,458,438 shares of common stock in exchange for the public warrants tendered in the Offer, resulting in a total of 69,578,745 shares of common stock outstanding following such issuance.
|Item 8.01|| |
On February 25, 2019, the Company issued a press release announcing the closing of the Offer and the Consent Solicitation. The Company also announced that it intends to exchange all remaining untendered public warrants for shares of common stock in accordance with the terms of the Warrant Agreement, as amended, on March 12, 2019.
A copy of the press release is attached as Exhibit 99.1 and is incorporated by reference herein.
|Item 9.01|| |
Financial Statements and Exhibits.
|10.1||Amendment No. 1 to Warrant Agreement, dated as of February 25, 2019, by and between the Company and Continental Stock Transfer & Trust Company.|
|99.1||Press release dated February 25, 2019.|
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|WAITR HOLDINGS INC.|
|Name: Christopher Meaux|
|Title: Chief Executive Officer|
Dated: February 25, 2019
AMENDMENT NO. 1 TO WARRANT AGREEMENT
This Amendment (this Amendment) is made as of February 25, 2019 by and between Waitr Holdings Inc. (f/k/a Landcadia Holdings Inc.), a Delaware corporation (the Company), and Continental Stock Transfer & Trust Company, a New York Corporation (the Warrant Agent), and constitutes an amendment to that certain Warrant Agreement, dated as of May 25, 2016 (the Existing Warrant Agreement), between the Company and the Warrant Agent. Capitalized terms used but not otherwise defined in this Amendment shall have the meanings given to such terms in the Existing Warrant Agreement.
WHEREAS, Section 9.8 of the Existing Warrant Agreement provides that the Company and the Warrant Agent may amend, subject to certain conditions provided therein, the Existing Warrant Agreement with the vote or written consent of the Registered Holders of 65% of the then outstanding Public Warrants;
WHEREAS, the Company desires to amend the Existing Warrant Agreement to provide the Company with the right to require the holders of the Public Warrants to exchange all of the outstanding Public Warrants for shares of Common Stock, on the terms and subject to the conditions set forth herein; and
WHEREAS, in the exchange offer and consent solicitation undertaken by the Company pursuant to the Registration Statement on Form S-4 filed with the U.S. Securities and Exchange Commission, the Registered Holders of more than 65% of the then outstanding Public Warrants consented to and approved this Amendment.
NOW, THEREFORE, in consideration of the mutual agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto agree to amend the Existing Warrant Agreement as set forth herein.
Amendment of Existing Warrant Agreement. The Existing Warrant Agreement is hereby amended by adding the new Section 6A thereto:
6A Mandatory Exchange.
6A.1 Company Election to Exchange. Notwithstanding any other provision in this Agreement to the contrary, all (and not less than all) of the outstanding Public Warrants may be exchanged, at the option of the Company, at any time while they are exercisable and prior to their expiration, at the office of the Warrant Agent, upon notice to the Registered Holders of the outstanding Public Warrants, as described inSection 6A.2 below, for shares of Common Stock, at the exchange rate of 0.162 shares of Common Stock for each Public Warrant held by the holder thereof (the Consideration) (subject to equitable adjustment by the Company in the event of any stock splits, stock dividends, recapitalizations or similar transaction with respect to the Common Stock). In lieu of issuing fractional shares, any holder of Public Warrants who would otherwise have been entitled to receive fractional shares as Consideration will, after aggregating all such fractional shares of such holder, be paid in cash (without interest) in an amount equal to such fractional part of a share multiplied by $11.09.
6A.2 Date Fixed for, and Notice of, Exchange. In the event that the Company elects to exchange all of the Public Warrants, the Company shall fix a date for the exchange (the Exchange Date). Notice of exchange shall be mailed by first class mail, postage prepaid, by the Company not less than fifteen (15) days prior to the Exchange Date to the registered holders of the Public Warrants at their last addresses as they shall appear on the registration books. Any notice mailed in the manner herein provided shall be conclusively presumed to have been duly given whether or not the registered holder received such notice. The Company will make a public announcement of its election following the mailing of such notice.
6A.3 Exercise After Notice of Exchange. The Public Warrants may be exercised, for cash (or on a cashless basis in accordance with subsection 3.3.1(b) of this Agreement) at any time after notice of exchange shall have been given by the Company pursuant to Section 6A.2hereof and prior to the Exchange Date. On and after the Exchange Date, the Registered Holder of the Public Warrants shall have no further rights except to receive, upon surrender of the Public Warrants, the Consideration.
2.1 Severability. This Amendment shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Amendment or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Amendment a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.
2.2 Applicable Law. The validity, interpretation, and performance of this Amendment and of the Warrants shall be governed in all respects by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising out of or relating in any way to this Amendment shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum.
2.3 Counterparts. This Amendment may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.
2.4 Effect of Headings. The section headings herein are for convenience only and are not part of this Amendment and shall not affect the interpretation thereof.
2.5 Entire Agreement. The Existing Warrant Agreement, as modified by this Amendment, constitutes the entire understanding of the parties and supersedes all prior agreements, understandings, arrangements, promises and commitments, whether written or oral, express or implied, relating to the subject matter hereof, and all such prior agreements, understandings, arrangements, promises and commitments are hereby canceled and terminated.
[Signature Pages Follow]
IN WITNESS WHEREOF, each of the parties has caused this Amendment to be duly executed as of the date first above written.
WAITR HOLDINGS INC.
|By:||/s/ Christopher Meaux|
|Name: Christopher Meaux|
Title: Chief Executive Officer
[Signature Page to Warrant Agreement Amendment]
CONTINENTAL STOCK TRANSFER &
TRUST COMPANY, as Warrant Agent
|By:||/s/ Erika Young|
|Name: Erika Young|
Title: Vice President
[Signature Page to Warrant Agreement Amendment]
Waitr Holdings Announces Completion of Exchange Offer and Plan to Exchange Remaining Outstanding Public Warrants
LAKE CHARLES, LA, February 25, 2019 Waitr Holdings Inc. (Nasdaq: WTRH) (Waitr) today announced the completion and settlement of its previously announced exchange offer (the Offer) and consent solicitation (the Consent Solicitation) relating to its publicly traded warrants (the public warrants). The Offer expired at 11:59 p.m., Eastern Standard Time, on February 22, 2019 (the Expiration Time). Based on the information provided by Continental Stock Transfer & Trust Company, the exchange agent for the Offer, a total of 24,769,192 public warrants were validly tendered and not withdrawn prior to the Expiration Time, representing approximately 99.1% of the total public warrants outstanding, including 119,892 public warrants that were tendered through notice of guaranteed delivery. On February 25, 2019, Waitr accepted all such public warrants and expects to issue an aggregate of 4,458,438 shares of common stock in exchange for the public warrants tendered. Delivery of the shares to be issued in exchange for the public warrants will be made promptly. As a result of the consents received in the Consent Solicitation, Waitr also executed an amendment (the Warrant Amendment) to the warrant agreement governing its outstanding public warrants, pursuant to which, it will exchange all remaining untendered public warrants on March 12, 2019, in accordance with the terms of the Warrant Amendment.
This press release is for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, the securities described herein, and is also not a solicitation of the related consents. The Offer was made only pursuant to the terms and conditions of the Prospectus/Offer to Exchange and related letter of transmittal.
About Waitr Holdings Inc.
Founded in 2013 and based in Lake Charles, Louisiana, Waitr is a leader in on-demand food ordering and delivery. Waitr, along with recently acquired food delivery company Bite Squad, connect local restaurants to hungry diners in underserved U.S. markets. Together they are the most convenient way to discover, order and receive great food from the best local restaurants and national chains. As of December 31, 2018, Waitr and Bite Squad serviced approximately 18,000 restaurants and 600 cities throughout the U.S.
This press release contains forward-looking statements, as defined by federal securities laws. 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 those described under the section entitled Risk Factors in Waitrs Registration Statement on Form S-4, filed January 25, 2019, as such factors may be updated from time to time in Waitrs periodic filings with the SEC, which are accessible on the SECs website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in Waitrs filings with the SEC. While forward-looking statements reflect Waitrs good faith beliefs, they
are not guarantees of future performance. Waitr disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes after the date of this press release, except as required by applicable law. You should not place undue reliance on any forward-looking statements, which are based only on information currently available to Waitr (or to third parties making the forward-looking statements).