MRAC Marquee Raine Acquisition Corporation

On July 25, 2022, Enjoy Technology, Inc. (the “Company”) and certain of its subsidiaries entered into an Asset Purchase Agreement (the “Purchase Agreement”) with Asurion, LLC to sell certain of its assets pursuant to a sale conducted under Section 363 of the U.S. Bankruptcy Code, excluding the Company’s non-U.S. subsidiaries, which may constitute a sale of substantially all of the Company’s assets under Delaware corporate law. The Purchase Agreement provides for aggregate consideration in the amount of up to $110,000,000 subject to various deductions including a $23,800,000 holdback amount (the “Holdback”). The Holdback is comprised of (i) deferred revenue, (ii) customer chargebacks, (iii) post-closing residuals and (iv) inventory losses, and such amount earned, if any, will be released to the Company within eight months following closing of the transaction. Additional information regarding the sale and the Company’s reorganization under Chapter 11 of the U.S. Bankruptcy Code can be found in the main case docket for In re Enjoy Technology, Inc., et al., pending in the United States Bankruptcy Court for the District of Delaware, case number 22-10580.