Banyan Acquisition in a regulatory filing said shareholders voted Dec. 21 in favor of a deadline extension to Jan. 24, with the option to extend another 12 months without further shareholder approval. The original termination date was Dec. 24.
The SPAC said 1,314,065 Class A shares were redeemed at approximately $10.70 per share, removing just over $14 milion from the trust.
Banyan’s sponsor deposited $53,692.44 (2 cents a share) into trust for the first month’s extension.
The SPAC’s shareholders are scheduled to vote tomorrow on a proposal to acquire Pinstripes, a restaurant chain serving Italian-American food along with bowling and bocce.
The equity value of the deal was lowered in September 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.
The transaction includes $75 million in gross cash proceeds plus a $21 million PIPE by Middleton Partners.
Pinstripes has 13 venues now open in eight states and Washington D.C., with 10 planned openings of new venues in 2024. Read more.
