Banyan Acquisition in a filing said it and merger partner Pinstripes, a restaurant chain, amended the equity value of the deal to about $480 million. At announcement in June, the deal was valued at about $520 million. The parties also adjusted the terms of the earnout shares.
Pinstripes offers Italian food along with bowling and bocce.
The latest filing includes an updated investor presentation.
Pinstripes has 13 venues now open in eight states and Washington D.C. and six more under construction that are expected to open by early 2024.
Banyan raised $241.5 million in a January 2022 IPO. The SPAC has a December deadline to complete a deal. Read more.
