Shares of Waitr Holdings (NASDAQ: WTRH) briefly popped as much as 13% in early trading after the company said it completed a previously announced stock offering. The stock has since given back much of those gains and is up 2% as of 12:40 p.m. EDT.
The offering was an at-the-market (ATM) deal, meaning Waitr sold newly issued shares at prevailing market prices. The regional food delivery tech company issued nearly 23.7 million shares between March 20 and July 10, raising gross proceeds of $48.3 million. Waitr filed for the offering back in March in order to capitalize on its soaring stock price as food delivery platforms have benefited from increased demand during the coronavirus pandemic.
Waitr recently said it would keep hundreds of jobs in the U.S., reversing a previous decision to move positions to Mexico.