Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On June 17, 2022, Enjoy Technology, Inc. (the "Company") received written notice
(the "Notice") from the Nasdaq Stock Market, LLC ("Nasdaq") notifying the
Company that it is not in compliance with the minimum bid price requirement set
forth in Nasdaq Listing Rule 5550(a)(2) for continued listing. Nasdaq Listing
Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of
$1.00 per share, and Listing Rule 5810(c)(3)(A) provides that a failure to meet
the minimum bid price requirement exists if the deficiency continues for a
period of 30 consecutive business days.
The Notice does not impact the listing of the Company's common stock at this
time. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has 180
calendar days, or until December 14, 2022, to regain compliance with the minimum
bid price requirement. To regain compliance, the closing bid price of the
Company's common stock must be at least $1.00 per share for a minimum of ten
consecutive business days before December 14, 2022. In the event the Company
does not regain compliance within this 180-day period, the Company may be
eligible to seek an additional compliance period of 180 calendar days if it
meets the continued listing requirement for market value of publicly held shares
and all other initial listing standards for The Nasdaq Capital Market, with the
exception of the minimum bid price requirement, and provides written notice to
Nasdaq of its intent to cure the deficiency during this second compliance period
by effecting a reverse stock split, if necessary. However, if it appears to the
Nasdaq staff that the Company will not be able to cure the deficiency, or if the
Company is otherwise not eligible, Nasdaq will provide notice to the Company
that its common stock will be subject to delisting.
Item 7.01 Regulation FD Disclosure.
Beginning July 1, 2022, the Company expects to pause visits under the
commerce-at-home experience it provides to Apple Inc.'s ("Apple") consumers
pursuant to the Company's contractual partnership with Apple in select US cities
in order to focus on its business priorities.
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