Pinstripes, a dining and entertainment brand, and Banyan Acquisition today announced completion of their merger, which was approved Wednesday by Banyan’s stockholders.
Pinstripes stock and warrants will begin trading Jan. 2 on the NYSE under the ticker symbols PNST and PNST WS.
In connection with the merger, Pinstripes has raised more than $70 million to support strategic growth plans and the opening of additional locations. As part of the proceeds, Pinstripes obtained a $50 million senior secured loan due 2028 from Oaktree Capital Management. Oaktree will have the option to loan an additional $40 million to Pinstripes no earlier than nine months and no later than 12 months following the 2028 loan closing.
While the SPAC shareholders vote was overwhelmingly in support of the deal, Banyan 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.
Pinstripes executives will ring the NYSE opening bell on Jan. 19.
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.
