Banyan Acquisition Corporation (BYN) Shareholders Approve Pinstripes Deal

Banyan Acquisition Corporation (BYN) Shareholders Approve Pinstripes Deal

Banyan Acquisition Corporation (NYSE: BYN) announced this morning that its shareholders approved its business combination with hospitality venture Pinstripes during a special meeting held on December 27.

At the meeting, stockholders holding 10,191,836 shares of common stock were present, representing 90.6% of the voting power of Banyan’s common stock, and constituting a quorum for the transaction.

The deal was overwhelmingly approved as holders of 10,186,926 shares voted in favor of the deal while holders of just 4,910 shares pushed back against it.

In connection with the completion vote, stockholders holding 2,652,419 shares of Class A common stock of Banyan opted to redeem their shares at a redemption price of approximately $10.76 per share, for an aggregate redemption amount of approximately $28,543,436.

Following the redemptions, Banyan has just 32,203 shares remaining with a total of 99.87% of shares redeemed across all votes, including prior extension votes.

The parties have not yet disclosed a specific date for the closing of the transaction, but expect it to be completed promptly, subject to the satisfaction or waiver of certain closing conditions. Following the consummation of the transactions, the common stock of the combined company is expected to begin trading on the NYSE under the new ticker symbol “PNST” and the warrants under “PNST WS”.

Last week, Banyan signed a non-binding term sheet for $50 million in convertible notes on a five-year term for its combination.

The parties previously indicated an expectation that the combination will be finalized no later than December 29, by which time these notes are anticipated to be issued. Should this financing become definitive, Pinstripes would waive the transaction’s $75 million minimum cash condition.

Banyan announced its $520 million combination with Pinstripes in July. Northbrook, Illinois-based Pinstripes runs a chain of 17 bistros featuring on-site bowling, bocce ball and other entertainment.