Marquee Raine Acquisition Corp.: insider trades · United States · SEC (Form 4)

About Marquee Raine Acquisition Corp.

Marquee Raine Acquisition Corp. (ticker: MRAC) was a U.S.-linked special purpose acquisition company (SPAC) that was listed on the NASDAQ in the United States before completing its business combination. The company was originally formed in October 2020 as a blank-check entity under Cayman Islands law, with the stated purpose of pursuing a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more target businesses. Its IPO was priced in December 2020, with units listed on the Nasdaq Capital Market under MRACU, and the common stock and warrants expected to trade as MRAC and MRACW, respectively. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1830180/000119312520321557/d88197dex991.htm)) From a business-model standpoint, Marquee Raine was not an operating company with commercial products in the traditional sense. Instead, it was an acquisition vehicle sponsored by Marquee Raine Acquisition Sponsor LP, an affiliate of The Raine Group and Marquee Sports Holdings. The prospectus shows that the sponsor’s strategy was deliberately focused on high-growth TMT themes, including interactive entertainment and games, real-money gaming, digital media, sports and sports-enabled assets, health and wellness, out-of-home and live entertainment, audio content and podcasting, and technology or adjacent opportunities. That sector focus was the company’s key competitive differentiator versus more generalist SPAC peers. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1830180/000119312520321557/d88197dex991.htm)) MRAC’s corporate footprint was anchored in New York, with offering documents listing a business address at 65 East 55th Street, 24th Floor, New York, NY 10022. That U.S. presence mattered because it placed the transaction-planning and capital-markets functions close to the core of the American SPAC ecosystem. Although the legal entity was incorporated in the Cayman Islands, the company’s operating and capital-markets context was clearly U.S.-based. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1830180/000119312520319029/d94626d424b4.htm)) The defining milestone in MRAC’s history was its merger with Enjoy Technology. On October 15, 2021, Enjoy Technology announced that it had completed its business combination with Marquee Raine Acquisition Corp. (NASDAQ: MRAC), becoming a publicly traded company under the Enjoy Technology, Inc. name. The transaction announcement states that the combined company raised more than $250 million of gross growth capital. In practical terms, this means MRAC ceased to function as a standalone SPAC and became the listing vehicle for the post-merger operating business. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1830180/000119312521304222/d220798dex992.htm)) For investors reading SEC Form 4 insider activity, MRAC should therefore be understood as a NASDAQ-listed U.S. SPAC that was designed to target technology, media, sports, and entertainment opportunities, and that later transformed through a de-SPAC transaction with Enjoy Technology. Any insider transaction analysis should be interpreted in light of that transaction history and the company’s SPAC structure rather than as an ordinary industrial or consumer business. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1830180/000119312521304222/d220798dex992.htm))