Banyan Acquisition in a regulatory filing announced that its shareholders voted to combine with restaurant chain Pinstripes. The vote was overwhelmingly in favor of the deal, with 10,186,926 shares cast in support of the merger and 4,910 opposed.
The SPAC noted that 2,652,419 shares were redeemed, removing approximately $28.5 million from the trust. Banyan has lost more than 99% of its trust to redemptions since its $241.5 million IPO in January 2022.
The equity value of the Pinstripes 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 the SPAC’s remaining cash in trust (about $347,000 based on the $10.76 per share redemption price noted in the filing) plus a $21 million PIPE by Middleton Partners.
Pinstripes serves Italian-American food along with bowling and bocce. The company has 13 venues now open in eight states and Washington D.C., with 10 openings of new venues planned in 2024. Read more.
