Waitr Holdings WTRH Stock News

Waitr Holdings Inc (NASDAQ: WTRH) is climbing dramatically in the market this morning, trading on gains of more than 60%. The movement started when the company issued a press release surrounding its work to support all members of its community amid the spread of COVID-19. Here’s what’s happening:

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WTRH Stock Rockets On Coronavirus Press Release

In the release, Waitr Holdings said that it is working hard to protect its restaurant partners, diners, drievers and employees as the Wuhan coronavirus spreads. As a result of the continued pandemic, the company has put several initiatives in place.

First and foremost, WTRH said that it is working with restaurant partners to offer free delivery and marketing programs. Importantly, the company is now offering “No-Contact” delivery. This form of delivery allows drivers and customers to keep their distance, reducing chances of coronavirus contraction.

Moreover, all drivers that will be bringing deliveries to diners will be supplied with gloves. Finally, the company said that it will continue to pay its hourly employees if any of them do contract the virus or are in quarantine.

In a statement, Cari Grimstad, CEO at WTRH, had the following to offer:

Right now, communities and small businesses around the nation are facing unprecedented and uncertain times. We want to be a valuable resource and partner to help our local communities find creative solutions to support restaurants and consumers in this time of need. Under this current climate, we have heightened all of our precautionary standards and procedures to ensure the health, safety, and comfort of our restaurant partners, diners and staff as we all navigate through this pandemic.

Why The Stock Is Rocketing

At the end of the day, this announcement is huge, and Waitr Holdings is the first food delivery company that has made one like it. Think about it:

Every day, we’re hearing that something else is closing. Schools, government offices, events, and more are shutting their doors. In my lifetime, I’ve never seen anything like this and it’s all because of COVID-19.

Everyone is doing everything that they can to avoid being infected with the coronavirus. However, a big concern is food. People have to eat! However, with no contact delivery and extra measures to protect all members of the WTRH community, the demand the company will see is likely to be tremendous. Now, consumers can buy food without leaving their homes and with greatly reduced threat of contracting the virus. This could be huge!

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