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Waitr — the Lafayette-based delivery service that is soon to be rebranded as ASAP — will not be moving forward with a reverse stock-split after the measure failed to get the needed votes from its shareholders.
The company filed a notice with the U.S. Securities Exchange Commission on June 24 indicating that the plan for the reverse split did not get enough votes. Around 60.4 million votes were in favor of the plan, while 35.5 million were against. There were around 238,000 abstentions.
Waitr needed a majority of shares to vote in favor of the reverse split, but the total votes in favor only accounted for about 38% of the total shares.
The company’s leadership has pursued the reverse split in an effort to raise its share price to avoid being bumped from the NASDAQ. The reverse split would have given shareholders one combined share for a number of existing shares. The proposal would have allowed the board of directors to issue the reverse split at a ratio between 1:4 and 1:16.
Waitr was notified about the potential of having its listing removed from the NASDAQ exchange in January after its share price had fallen below $1 for 30 consecutive business days. To secure its listing, the company has to get its share price above $1 for 10 consecutive business days before July 25.
It’s the second time since going public in 2018 that the company has been in jeopardy of losing its listing. A similar situation occurred in 2019, but the COVID-19 pandemic — which forced restaurants nationwide to pivot to delivery and pickup models for much of 2020 — helped the company’s price rebound.
In its SEC filing, Waitr said it will still continue to push for the reverse stock split.
“The Company plans to continue to work on solutions to overcome the perceived impediment to implementing the Reverse Split, with the goal of maintaining the Company’s continued listing on the Nasdaq Capital Market, while addressing the concerns of our stockholders, as reflected in the voting at the 2022 Annual Meeting,” the filing read. “The Company continues to believe that the Reverse Split, as well as continued listing on the Nasdaq Capital Market, is in the stockholders’ best interest.”
The Stage Karaoke Bar is expanding
The Stage Karaoke Bar, which opened near Acadiana Mall in January, is plotting to move to a larger venue.
The bar said in a Facebook post that it is planning to move to the former Legends of Lafayette at 2921 Verot School Road. In the post, the bar said the move will allow for more seating, food, special events and a VIP area.
“We keep hearing we need a bigger space so we having been working hard to provide that for us all,” the post said. “We will be working hard to get it ready for you and are shooting to open in early August. Please sign the wall at our current location if you haven’t already because we will seal and commemorate it and would love to have all your names on it.”
Dani’s Candies opens in Parc Lafayette
Dani’s Candies, a business selling sweet treats like pralines, cheesecakes, pies and brownies, opened June 24 in Parc Lafayette.
The business moved into the space formerly occupied by INDULGE at 1921 Kaliste Saloom Road in Suite 111.
Acadiana legislators break down legislative session for business owners
Some of the Acadiana region and Southwest Louisiana’s most high-profile legislators met with One Acadiana members Wednesday to discuss the outcomes of the 2022 legislative session, including infrastructure funding, education investments and tax reform.
2022 legislative session: What did Acadiana’s business community get out of it?
“We’re very proud of these gentlemen and the work that they do representing us in Baton Rouge,” said One Acadiana President and CEO Troy Wayman. “We’re very proud of the money they brought home. Bringing home the bacon to Acadiana has not gone unnoticed.”
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This article originally appeared on Lafayette Daily Advertiser: Business Buzz: Waitr reverse stock split proposal falls short