Marquee Raine Acquisition Corp.
MRAC · Nasdaq · formerly ENJOY TECHNOLOGY, INC./DE
NO ACTION REQUIRED
Nothing left to do
The purchase completed and the shares became shares in the company it bought. There is no deadline left to miss.
Cash at settlement
No cash-per-share figure was filed for this vehicle before it finished.
Last close
Daily close
No price history on file yet — daily closes accumulate from the market data feed.
Trust settled · There is no line to draw here. This vehicle has finished: the cash was paid back or spent closing the deal, so the last filed figure describes an account that no longer exists and would be a floor under nothing.
SpacBrain’s read
Trust settled
The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
In plain terms
- What it is
- A SPAC, listed on Nasdaq in December 2020.
- What it's doing now
- It agreed to buy Legacy EJY, Inc., a mobile retail commerce-at-home delivery company. That purchase completed, and it stopped being a SPAC — the shares became shares in the business it bought.
- What you should know
- This SPAC has finished. The purchase completed, and the shares became shares in the company it bought — anyone who wanted the cash instead asked for it at the vote, so there is no cash left here to claim and no deadline left to miss.
At a glance
- Where it stands
- Closed (deSPAC)
- The business it bought
- Legacy EJY, Inc.
- Industry
- Consumer Discretionary — mobile retail commerce-at-home delivery
- Deal value
- not stated in the filings we hold
- Price vs cash at settlement
- no live price on file
- Cash in trust when it settled
- not yet extracted into a snapshot — the filings below may state it
- the last trust total filed while this was still a SPAC — the account has since been paid out or used to close the deal
- IPO
- 16 December 2020
- size not on file
- Headquarters
- 3240 HILLVIEW AVENUE, PALO ALTO, CA, 94304
- registered in the Cayman Islands
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- Carr Alan Jeffrey (Director) · TRANSIER WILLIAM L (Director) · MARINER JONATHAN D (Chief Administrative Officer)
- Listed securities
- MRAC common
This vehicle has finished, so there is no window to file a cash-per-share figure for and none will follow. No estimate is shown in its place.
Nothing dated is on file. That is an absence in the record, not a statement that nothing is coming.
Yield to redemption
Nothing left to redeem — no yield to compute.
This SPAC has finished — its trust was paid back or used to close the deal, so there is nothing left to redeem and no yield to compute. A yield to redemption is a claim that you can hand these shares back for the trust cash. That account is closed, so this page will not print a number here.
What happened to the cash
The reasoning behind the verdict above, in the order the filings establish it.
- The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
What has happened, and what is coming
1 dated milestoneEvery dated step from the day it listed to the next date you may have to act on. Where you have to do something, the day your broker needs the instruction is marked too.
- 16 December 2020IPOpassed
IPO size not on file
The deal
terms as filedWhat it is buying, on what terms, and how much of the combined company new shares take from you.
- closedConsumer DiscretionaryDeal structureSEC-primary — BCA 8-K / S-4 / DEFM14A
- PIPE
- ≈ $80M · unsourced
- Min-cash condition
- $5M
- Break fee
- $3M
PIPE terms — instrument, coupon, conversion price and any reset floor — are not sourced for this deal. The size above is itself unsourced — a stored figure no filing we hold states — so neither the size nor the terms should be read as cited.
The score
deterministic, from filed fieldsMRAC is not in the scored universe, so no score is shown. A withheld score is a fact about the record, not a verdict about the company.
The score is only published for names that carry both a price and a filed cash-per-share figure — 292 of the tracked fleet today. The rest keep an empty dial rather than a modelled one, and fill in by themselves as the fields land.
The company
from SEC filingsRead the full profile
Marquee Raine Acquisition Corp. (ticker MRAC) was a blank-check company whose common stock listed on the Nasdaq Stock Market. The company priced its initial public offering on December 16, 2020, under SEC file number 333-250997, with the pricing prospectus filed as 424B4 (accession 0001193125-20-319029) relating to the S-1 registration statement filed November 27, 2020 (accession 0001193125-20-304459).
Material findings
from the full read of every filingEvery document this company files gets read whole — body and exhibits. These are the ones the read flagged as material, newest first, each citing its filing.
The registered figure still understates the issuance by design, and the private placement has grown relative to it: the count covers 37,375,000 MRAC public shares converting, 30,721,033 shares to certain Enjoy holders and 10,778,246 shares for Enjoy equity awards, while expressly excluding an aggregate 59,977,475 shares to be issued to other Enjoy holders in a private placement under Section 4(a)(2). Nearly as many shares go out unregistered as registered, so this fee table is not a measure of the deal's dilution.
The larger part of the merger consideration is not registered at all: an aggregate 69,054,143 shares of New Enjoy Common Stock go to certain holders of Enjoy common stock in a private placement under Section 4(a)(2) of the Securities Act, and are expressly excluded from this registration statement, against 34,488,591 shares registered. A reader sizing dilution from the registered count alone would be badly wrong, because roughly two thirds of what Enjoy's holders receive never appears in this fee table.
The registered count deliberately leaves out most of the merger consideration: it includes 34,488,591 shares issued to certain holders of Enjoy Technology Inc. common stock but expressly excludes an aggregate 69,054,143 shares to be issued to other Enjoy holders in a private placement under Section 4(a)(2) — roughly twice the registered merger line, and outside this registration statement altogether. The rest is 37,375,000 public shares converting in the Domestication and 12,609,609 shares for Enjoy equity awards and warrants exercised before the Merger.
The registered figure understates the issuance by design: it covers 37,375,000 MRAC public shares converting, 33,254,346 shares to certain Enjoy holders and 14,098,204 shares for Enjoy equity awards and warrants — but expressly excludes an aggregate 68,681,243 shares to be issued to other Enjoy holders in a private placement under Section 4(a)(2). Nearly as many shares are being issued outside this registration statement as inside it, so the fee table is not a measure of the deal's dilution.
The registered amount is not the issuance. Only 33,254,346 shares go to Enjoy Technology Inc.'s common holders under this registration statement, and the filing states that figure excludes a further 68,681,243 shares to be issued to certain Enjoy holders in a private placement under Section 4(a)(2) — roughly twice as many again, outside the registered total and outside the prospectus. A further 14,098,204 shares may be issued for Enjoy's equity awards and warrants if those are exercised before the merger.
A block larger than either registered tranche is deliberately kept off this registration statement: the filing states the count excludes an aggregate of 58,362,661 shares of New Enjoy common stock to be issued to certain Enjoy holders in a private placement under Section 4(a)(2) of the Securities Act. Those shares dilute the same register without appearing on this cover, so the registered figure understates the issuance a public holder faces. For fee purposes the shares are priced at $9.85 on May 12, 2021 and the public warrants at $0.8975 on May 11, 2021.
Filings
live EDGAR feedEverything this company has filed with the SEC recently, newest first, each with a plain summary of what changed and why it matters.
Show the other 10 filings
The sponsor
The people who set this company up, what they have done before, and the advisers around the deal.
No sponsor entity is named in the filings parsed for this SPAC so far.
A missing score, not a score of zero — why
A Sponsor Score is only published once the sponsor’s prior vehicles have been verified on EDGAR and their post-close outcomes priced. That record does not exist for this sponsor yet, so no number and no tier is shown. That is a missing score, not a score of zero — and not a neutral 50 either.
Coverage so far: 301 of 1284 tracked SPACs (23%) are attached to a scored sponsor. This card fills in by itself as the research lands.
The record
The reference detail — how the shares were structured at listing, how thinly they trade, and where the company is registered.
Show the reference detail
Unit structure
from 424B3 0001193125-22-295417
Trading & liquidity
Company profile
Directors & officers
- Carr Alan JeffreyDirector
- TRANSIER WILLIAM LDirector
- MARINER JONATHAN DChief Administrative Officer
- Meriweather Tiffany N.Chief Legal Officer
- Yu GideonDirector
- Varsov BrettDirector
- Young Smith DeniseDirector
Institutional holders
from SC 13G/13DFunds that have declared a stake above 5%. Heavy ownership by arbitrage funds usually means heavy cash-outs at the next vote.
Show the declared stakes
12 filers with a stake on file · 0 re-affirmed in the last 12 months. A stake with no amendment since is the filer’s last word on it, not proof it is still held — and percentages filed in different years are percentages of different floats, because this vehicle’s share count collapses at every redemption.
- JOHNSON RONALD Bwith 1 other reporting person on the same schedule16.4% · SC 13DOct 25, 2021 stale
- LCH Partners Ltd.with 2 other reporting persons on the same schedule13.9% · SC 13GOct 25, 2021 stale
- Marquee Raine Acquisition Sponsor LPwith 6 other reporting persons on the same schedule12.4% · SC 13G/AFeb 8, 2022 stale
- Riverwood Capital Partners II L.P.with 3 other reporting persons on the same schedule5.3% · SC 13GFeb 16, 2022 stale
- CITADEL ADVISORS LLCwith 6 other reporting persons on the same schedule0.1% · SC 13G/AFeb 14, 2022 stale
- INTEGRATED CORE STRATEGIES (US) LLCwith 5 other reporting persons on the same schedule0.1% · SC 13G/AFeb 8, 2022 stale
- KING STREET CAPITAL MANAGEMENT, L.P.with 2 other reporting persons on the same schedule0.0% · SC 13G/ANov 14, 2024 stale
- Empyrean Capital Partners, LPwith 2 other reporting persons on the same schedule0.0% · SC 13G/AFeb 14, 2023 stale
- Stamos Capital Partners, L.P.with 1 other reporting person on the same schedule0.0% · SC 13G/AJan 17, 2023 stale
- RP Investment Advisors LPwith 4 other reporting persons on the same schedule0.0% · SC 13G/AFeb 11, 2022 stale
- Feis Lawrence Michaelwith 1 other reporting person on the same schedule0.0% · SC 13G/AOct 19, 2021 stale
- Weiss Asset Management LPwith 3 other reporting persons on the same schedule0.0% · SC 13G/AOct 19, 2021 stale
One line per filer, not per reporting person: a joint schedule names the management company, its funds and often the individual who controls them, and all of them report the same shares. Click a name for that filer’s whole footprint across every SPAC it has declared a stake in.
News
company wires and the financial pressReporting we have matched to this ticker. Headlines belong to the outlets that wrote them.
Show the headlines
- Enjoy Technology to Become a Public Company, Accelerating its Strategy to Reinvent "Commerce at Home"
PR Newswireundated by the source
Sources on file
harvested pages, kept in fullEvery public page we have read about this company, stored in full so a source can never go missing.
Show the sources
35 full SEC filing texts archived — searchable, never lost.
- Vault note — MRAC (Marquee Raine Acquisition Corp.)
vault-note · /vault/tickers/MRAC
- Vault deal note — Legacy EJY, Inc. (MRAC)
vault-note · /vault/deals/legacy-ejy-inc
- Enjoy Technology to Become a Public Company, Accelerating its Strategy to Reinvent "Commerce at Home"
news · prnewswire.com
- Enjoy Technology to Become a Public Company, Accelerating its Strategy to Reinvent "Commerce at Home"
news · prnewswire.com
- Digital Legacy
news · digital-legacy.apple.com
In plain English
tap a term to open itEvery piece of jargon this page could have used, and what it actually means.
Open the plain-English guide
No floor / floorlessthe cash guarantee is gone — the price is unprotected
A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.
Redemption deadlinethe last day to hand shares back for cash
Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.
Broker action datethe day your broker needs the instruction — earlier than the official date
Brokers batch redemption instructions to the transfer agent, so the practical cutoff is roughly two business days before the published deadline. This is the date that actually costs people the floor.
Cash in trust / trust per sharethe cash the company is holding for each public share
Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.
Trust discountbuying below the cash held for you
Only meaningful while a redemption right exists. On a floorless name the same arithmetic is not a discount, it is the market pricing distress, and this product will not call it a yield.
Dilutionhow much of the company new shares take from you
Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.
Pro-forma equitywhat the company is valued at once the deal closes
The combined company's equity value assuming the announced terms and the redemptions that have actually happened.
ARShow much upside you get per unit of downside
SpacBrain's asymmetric-return score. It is deterministic — the same inputs always produce the same number — and it is capped, not zeroed, when the floor is gone.
De-SPACthe day the SPAC becomes the real company
The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.
Outside datethe contractual long-stop for closing the deal
A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.
Accession numberthe SEC's unique id for one filing
Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.
Accreted NAV (estimate)the last filed cash figure, plus the interest it should have earned since
A model, not a filing: last filed value compounded at the 3-month T-bill for the days elapsed. Always shown in italic with the word estimate, and never printed beside a filed number without it.
Ask the brain
from its filingsData provenance & audit trail5 internal entries
Written by SpacBrain’s data agents whenever a figure is captured, corrected or flagged, and kept verbatim so every number on this page can be traced back to the filing that states it. This is a running log, not the current record: an early entry may be superseded by a later correction — the panels above always hold the current values.
admitted from EDGAR's QUARTERLY FORM INDEX, walked without any SIC filter. The SIC 6770 census could not reach this registrant: EDGAR reassigns a shell's SIC the day it stops being one, and this CIK now files under 7389 (Services-Business Services, NEC). The screen found it by filing SHAPE instead — S-1 2020-11-27 → 8-A12B 2020-12-11 → 424B4 2020-12-16 — which nothing rewrites. Admission rule: src/lib/universe-admit.ts. SIC 7389 + self-described blank check in 424B4 0001193125-20-319029; 424B 0001193125-20-319029 priced 2020-12-16 under S-1 0001193125-20-304459 (file 333-250997, an offering for cash); common ticker MRAC off 10-Q 0001193125-21-246807 (2021-08-16); lifecycle EXITED. The pricing prospectus was filed under SEC file number 333-250997, which belongs to S-1 0001193125-20-304459 (2020-11-27) — a registration of shares sold for CASH, which is what makes it an IPO rather than merger consideration. Blank-check status from the registrant's own first-person sentence in that prospectus (EDGAR full-text search, 424B4 2020-12-16). Ending PROVEN, not inferred: CLOSED per 8-K 0001193125-21-304224 (2021-10-22) — 8-K item 5.06 "Change in Shell Company Status" (EDGAR item index, items: 5.02,5.03,5.05,5.06,7.01,9.01). EDGAR now files this CIK as "Legacy EJY, Inc." — the SPAC's own name is kept here and the successor is the target. ipoSizeM and deadline left NULL: gross-proceeds prose conflates the over-allotment with the offering, and a charter deadline belonging to a vehicle that has ended is a date nobody can act on. ipoDate is the 424B pricing date.
[CLOSED-RENAME] EDGAR CIK 0001830180 records "Marquee Raine Acquisition Corp." ending 2021-10-19; the registrant continues as "Legacy EJY, Inc.". The rename is the SEC's own record of what the vehicle became, keyed by CIK. Closed 2021-10-19. No deal value is set — a rename says what was acquired, never for how much. No date column is set: Deal has announcedAt, voteDate and expectedCloseAt and nowhere to record an actual close, so the SEC's date is kept here until that column exists. [DEAL-STRUCTURE-MINED] pipeSizeM=80, minCashM=5.000001, terminationFeeM=2.586 from primary filings (0001193125-21-162058, 0001193125-22-205237).
entity created from the filed target name; no About paragraph on file, so every other field awaits a sourced read
pipeBasis set to UNSOURCED: the size came from the research seed / an earlier record and no filing we hold states it — surfaces now label it "unsourced"; an LLM re-read to FILED replaces this when credits allow
OTHER -> MEDIA_CONSUMER, on S-4/A 0001193125-21-272957: "Enjoy is a technology-powered platform reinventing “Commerce-at-Home” to bring the best of the store directly to the Consumer."