Waitr Holdings Inc. Implements 1:20 Reverse Stock Split; WTRH Stock to Trade Under New Symbol "ASAP"

Waitr Holdings Inc. (Nasdaq: WTRH), the on-demand ordering and delivery platform, has finalized a reverse stock split approved by shareholders, marking a significant corporate restructuring. The Company’s Board of Directors has now exercised discretionary authority and approved the execution of a reverse stock split at a 1:20 ratio, following shareholder approval at a special meeting held on October 20, 2022.

Timeline and Execution Details

The reverse stock split is slated to take effect on or before 11:59 p.m. Eastern Time on November 21, 2022. When trading resumes on the Nasdaq Capital Market on November 22, 2022, WTRH stock will commence operations under the new trading symbol “ASAP,” with all quotations adjusted to reflect the split ratio. The new CUSIP identifier assigned to the company following this corporate action will be 930752 209.

Fractional Share Treatment

In accordance with standard practice, no fractional shares will result from this reverse stock split. Instead, Continental, serving as the Company’s transfer agent, will consolidate all fractional share positions and facilitate their sale at prevailing market rates in the days following November 21, 2022. Shareholders who would otherwise receive fractional shares will receive their proportional distribution from the aggregate proceeds generated by this sale.

About Waitr Holdings Inc. and Its Market Position

Established in 2013, Waitr operates as a technology-driven platform delivering a comprehensive range of on-demand services under its “deliver anything ASAP” business model. The platform enables consumers to order food, alcohol, convenience items, groceries, flowers, automotive parts, and additional merchandise for immediate delivery.

The company has developed proprietary in-stadium delivery infrastructure that enhances customer experiences at sports and entertainment venues. Fans can now place concession orders directly from their seats via the ASAP platform. Beyond consumer delivery, Waitr facilitates payment processing solutions for restaurant operators and merchant partners, creating an integrated ecosystem for on-demand commerce.

As of the second quarter ended June 30, 2022, Waitr maintained operational presence across approximately 1,000 cities throughout the United States, demonstrating significant geographic penetration in the on-demand delivery market.

Forward-Looking Statements and Risk Considerations

This announcement contains forward-looking statements regarding the Company’s financial trajectory, execution of strategic initiatives, debt reduction efforts, and anticipated operational performance. These statements involve inherent uncertainty and risk. Terms such as “believe,” “expect,” “anticipate,” “will,” “plan,” “estimate,” and similar expressions typically denote forward-looking information.

Such projections remain subject to various risks and uncertainties, including the ongoing effects of the COVID-19 pandemic on business operations. Additional risk factors are detailed in Waitr’s Form 10-K Annual Report for the year ended December 31, 2021, submitted to the SEC on March 11, 2022, and in the Form 10-Q Quarterly Report covering the three-month period ending June 30, 2022, filed on August 8, 2022. These documents and all SEC filings are available on the SEC’s official website.

Material factors could cause actual results to differ substantially from those reflected in forward-looking statements. Investors should not place undue reliance on these projections, as they represent current expectations based solely on presently available information. Waitr assumes no obligation to update forward-looking statements publicly except as mandated by applicable securities regulations.