Enjoy Technology said it expects to “pause” the services it provides for Apple through its contract with the tech maker so Enjoy can “focus on its business priorities.”
Those services include sales of Apple products through what Enjoy calls its “commerce-at-home experience” provided through mobile stores.
Losses for those stores in the U.S. have been mounting, while the constrained supply of Apple products last year figured into sales that came in below expectations for the back half of 2022.
The announcement of the Apple pause came with a disclosure by Enjoy that the Nasdaq Stock Market had issued the company a delisting warning after its stock had sold below $1 for a period of 30 consecutive days.
To regain compliance and continue trading on the market, Enjoy’s stock needs to hit a closing bid price of at least $1 for 10 consecutive business days prior to Dec. 14, the company said in its filing.
The company did not provide any updates on its search for capital or liquidity position after earlier disclosing it would likely run out of cash to operate after June.
via https://www.aiupnow.com
Ben Unglesbee, Khareem Sudlow
