Banyan Acquisition, a new SPAC focused on food service companies, registered with the SEC to offer 30 million units at $10 each. A unit consists of one share of Class A common stock and one-third of one redeemable warrant; whole warrants exercisable at $11.50.
The SPAC’s focus on the food service industry is led by Chairman Jerry Hyman, who is also chairman of TriMark USA and previously served as CEO of TriMark USA. CEO and Director Keith Jaffee has served as chairman of Middleton Partners since 2010. Previously he was chairman and CEO of Focus Products, a collection of brands and businesses in the housewares, foodservice, and hospitality industry.
BTIG is lone bookrunner. The underwriters’ over-allotment option covers up to an additional 4.5 million units.
Banyan intends to apply for a listing on the NYSE under BYN.U. Read more.