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Banyan Acquisition Corporation (BYN) Completes Pinstripes Deal

Banyan Acquisition Corporation (BYN) Completes Pinstripes Deal

Banyan Acquisition Corporation (NYSE: BYN) announced this afternoon that it has completed its business combination with hospitality venture Pinstripes. BYN shareholders previously approved the deal during a special meeting held on December 27.

Pinstripes’ Class A common stock and warrants will begin trading on NYSE under the ticker symbols “PNST” and “PNST WS,” respectively, on January 2, 2024.

In connection with the combination, Pinstripes raised more than $70 million in gross proceeds to support its strategic growth plans and the opening of additional locations. As part of these gross proceeds, Pinstripes recently secured a $50 million senior secured loan due 2028 from funds managed by Oaktree, on similar terms as those outlined in the non-binding term sheet on December 19.

Oaktree will have the option to loan an additional $40 million in aggregate principal amount to Pinstripes no earlier than nine months and no later than 12 months following the 2028 loan closing.

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.

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.

Pinstripes’ Founder and CEO, Dale Schwartz, and the rest of the current management team of Pinstripes, will continue in their management roles.