Enjoy Tech Shares Lower After Company Initiates Review of Strategic Alternatives

Dow Jones2022-05-17

By Stephen Nakrosis

Shares of Enjoy Technology Inc. were trading lower in Monday's after-hours market following news the company initiated a review of strategic alternatives.

The commerce at home company said it retained Centerview Partners to assist with the strategic review and engaged AlixPartners to advise on finances during the review period. The company said it is "currently engaged in confidential discussions with potential partners." Enjoy also said the strategic alternatives could include a potential sale, merger or other strategic transaction.

At 6:09 p.m. EDT, the company's shares were trading 13.19% lower at 65 cents per share. The stock finished the day's regular session with a 2.58% loss at 74 cents per share.

After the bell, Enjoy reported a first-quarter loss per share of 46 cents on revenue of $24 million.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

$(END)$ Dow Jones Newswires

May 16, 2022 18:34 ET (22:34 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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