Banyan Acquisition in a press releass said it has adjourned today’s shareholder meeting and deadline extension vote until Friday.
The SPAC wants to push its April 24 termination date back to Dec. 24. The redemption deadline has been extended until tomorrow at 5 p.m. Eastern.
Banyan last week disclosed it had signed a non-redemption agreement with third-party investors who will hold onto 1.2 million shares through the extension, if approved. In return, the SPAC’s sponsor will give those investors 300,000 founders’ shares.
Banyan raised $241.5 million in a January 2022 IPO. The SPAC is targeting businesses within the foodservice industry. Read more.
