Who Owns Waitr Company?

Who owns Waitr now?

The rise and fall of Waitr, rebranded ASAP in 2022, ended with a Chapter 7 filing in April 2024 and a court-appointed trustee controlling the estate. Once backed by founder Chris Meaux and later investors, its assets were auctioned amid $51.4 million liabilities.

Control shifted from public shareholders to a liquidation trustee after assets, including the ASAP brand, were sold to satisfy creditors; by 2025 the company exists only as a liquidated estate.

See Waitr Porter's Five Forces Analysis for related strategic context.

Founders and Early Ownership of Waitr centered on a Louisiana-rooted cap table established in 2013 to support rapid regional expansion, with founder control retained while welcoming local angel investors and groups like the New Orleans Startup Fund.

Founding team

Chris Meaux led as CEO and primary visionary, joined by Addison Killebrew, Manuel Ramirez, and Evgeny Terentev.

Local investor base

Early funding relied heavily on Louisiana-based angels and regional funds rather than Bay Area venture capital.

Equity concentration

Initial ownership was concentrated among founders, with Meaux holding the largest individual stake to guide strategy.

2015–2016 financing

Series A and follow-on rounds introduced vesting schedules and buy-sell clauses to protect operational stability during expansion.

Operational focus

Ownership and governance prioritized regional operational expertise to support a hospitality-first delivery model across 200+ cities.

Shift before public listing

Larger institutional funding needs led to dilution of founder stakes as the company prepared for a public-facing corporate structure and merger activity.

Early ownership evolution set the stage for later transactions and the public entity Waitr Holdings Inc.; for more on the company origins see Brief History of Waitr.

Key ownership facts

Founders retained meaningful control through structured equity and regional investor support until scaling demands required broader capital sources.

• Founded in 2013 with a Louisiana-centered cap table
• Chris Meaux held the largest founder stake
• Series A rounds in 2015–2016 formalized vesting and buy-sell protections
• Pre-2018 expansion reached over 200 cities before merger into Waitr Holdings Inc.

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The company’s ownership transformed notably after the November 2018 SPAC merger with Landcadia Holdings, shifting control toward public and institutional investors; later acquisitions, declining share price, and the 2024 Chapter 7 filing further redistributed value toward creditors and trustees.

Key ownership stakeholders evolved from SPAC sponsors and public shareholders to institutional holders during the public phase, then to fragmented retail and distressed funds, and finally to creditors and a bankruptcy trustee following liquidation.

Ownership milestones and current claimants

The largest ownership shifts were driven by the 2018 SPAC merger and the 2019 Bite Squad acquisition; by 2025, creditors hold primary claims on remaining assets.

• SPAC merger valued ~$308,000,000 that put Tilman Fertitta in a leading role
• Bite Squad purchase for ~$321,000,000 increased dilution and brought institutional backers
• Institutional holdings (BlackRock, Vanguard, State Street) once significant but reduced as share price dropped below $1.00
• Chapter 7 (2024) transferred control to a bankruptcy trustee; creditors top priority for liquidation proceeds

For context on business model and historical revenue drivers that influenced investor sentiment, see Revenue Streams & Business Model of Waitr

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As of the Chapter 7 filing in April 2024, the board of directors of Waitr Holdings Inc. no longer holds governance authority; control passed to a court-appointed bankruptcy trustee tasked with liquidation and creditor recovery.

Until liquidation, Waitr operated on a one-share-one-vote common stock basis (ticker ASAP), but concentrated insider and institutional holdings effectively amplified certain stakeholders' control over strategic pivots and capital decisions.

Board dynamics and voting reality

The formal voting framework gave each common share equal vote, yet concentrated holdings and sponsor influence shaped outcomes prior to insolvency.

• The one-share-one-vote structure meant no dual-class founder protections.
• Tilman Fertitta remained a leading voice and sizable shareholder through affiliated entities.
• Concentrated stakes by insiders and Landcadia sponsors limited retail shareholder impact.
• Post-April 2024 Chapter 7 filing, governance transferred to a bankruptcy trustee under federal law.

Key facts: the company traded under ticker ASAP, faced delisting risk prior to April 2024, and by 2025 no individual or entity retains traditional voting power; asset disposition and creditor recovery fall under trustee supervision. See further context in Target Market of Waitr

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Ownership of the company shifted rapidly after the ASAP rebrand and operational halt in April 2024; liquidation and asset auctions in 2025 left the corporate shell effectively defunct while fragments of technology and customer data moved under new buyers.

The period before collapse saw founder and early investor dilution via secondary offerings and debt-for-equity swaps; rebrand to ASAP in 2022 failed to secure institutional backers and the high logistics burn rate eroded shareholder value.

Liquidity and creditor outcomes

Liquidation revealed liabilities exceeding $51 million, producing nominal recoveries for common and preferred equity; secured creditors and administrative fees consumed most proceeds.

Investor dilution trend

Multiple secondary raises and debt-for-equity swaps between 2020–2024 reduced founder stakes and deterred long-term strategic investors, accelerating loss of control.

Market consolidation impact

By 2025, consolidation led by DoorDash and Uber Eats left little room for regional mid-tier players; lack of a protective ownership moat made the company vulnerable to pricing pressure.

Intellectual property disposition

ASAP technology modules and customer lists were auctioned in 2025, with potential buyers from logistics and fintech sectors acquiring components; corporate legal ownership remains in wind-down.

For additional context on competitors and market positioning that influenced ownership outcomes, see Competitors Landscape of Waitr

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