Pinstripes Class A Common Stock and Warrants to
Trade on NYSE on January 2, 2024, under the Symbols “PNST and “PNST
WS”
Best-in-Class Experiential Dining and
Entertainment Brand Has Raised More Than $70 Million, Including $50
Million in Senior Secured Financing from Oaktree
Company to Ring the NYSE Opening Bell on
January 19, 2024
Pinstripes, Inc., a best-in-class experiential dining and
entertainment brand combining bistro, bowling, bocce and private
event space, and Banyan Acquisition Corporation (“Banyan”) (NYSE:
BYN) today announced they have closed their previously announced
business combination (“the Business Combination”), which was
approved by Banyan’s stockholders at a meeting on December 27,
2023.
Pursuant to the Business Combination, Pinstripes has become a
wholly-owned subsidiary of Banyan, which has changed its name to
Pinstripes Holdings, Inc. (together with Pinstripes, Inc,
“Pinstripes”). Pinstripes’ Class A common stock and warrants will
begin trading on NYSE under the ticker symbols “PNST” and “PNST
WS,” respectively, on January 2, 2024. Pinstripes’ Founder and
Chief Executive Officer, Dale Schwartz, and the rest of the current
management team of Pinstripes, will continue in their management
roles.
In connection with the Business Combination, Pinstripes has
raised more than $70 million in gross proceeds to support the
Company’s strategic growth plans and the opening of additional
locations. As part of such gross proceeds, Pinstripes has obtained
a $50 million senior secured loan due 2028 (“2028 Loan”) from funds
managed by Oaktree Capital Management, L.P. (“Oaktree”), on terms
substantially the same as those set forth in the non-binding term
sheet disclosed in a current report on Form 8-K filed by Banyan on
December 19, 2023. Oaktree will have the option at its sole
discretion and election, subject to satisfaction of certain
conditions, to loan an additional $40 million in aggregate
principal amount to Pinstripes no earlier than nine months and no
later than 12 months following the 2028 Loan closing.
“Today is a significant milestone for Pinstripes. Completing our
business combination with Banyan and introducing Pinstripes to the
public markets is a tremendous achievement and the next chapter in
our business journey,” said Mr. Schwartz. “We have achieved strong
results to date, and this transaction will help fuel our growth as
we continue to scale and open additional Pinstripes locations. On
behalf of Pinstripes, I want to thank Banyan for their strong
partnership, Oaktree for their financial commitment, our Pinstripes
team for their passion and dedication, and our guests who for
seventeen years have joined us for countless celebrations and
magical moments.”
Jerry Hyman, Chairman of Banyan stated: “We formed Banyan to
identify a strong business with promising growth in the foodservice
industry and take them to the public markets, and after partnering
with Pinstripes on this transaction, we are proud to say we have
accomplished this goal. Pinstripes is a leader in experiential
dining and as consumers demand multidimensional dining options in
this post-COVID world, Pinstripes will continue scaling as an
example for all others to follow. Once more, we’re thrilled to have
played a key role in taking Pinstripes public and are confident
Dale and the entire exceptional management team will continue to
execute on their robust growth plans and strategy and I’m looking
forward to serving on the Pinstripes board.”
To celebrate the completion of the Business Combination,
Pinstripes will be ringing the Opening Bell at the NYSE at 9:30
a.m. ET on January 19, 2024. A live stream of the event and replay
can be accessed by visiting https://www.nyse.com/bell.
Additional information regarding Pinstripes and the closing of
the Business Combination, including the loan from Oaktree, will be
included in a current report on Form 8-K to be filed with the
Securities and Exchange Commission.
Management and Board of Directors
Following the Business Combination, Mr. Schwartz will serve as
Chairman of the Board of Directors, in addition to President and
Chief Executive Officer, and Tony Querciagrossa will continue as
Chief Financial Officer of Pinstripes. In addition, Jack Greenberg,
Dr. Daniel Goldberg, Larry Kadis, George Koutsogiorgas and Diane
Aigotti, along with Jerry Hyman, will serve as independent
directors on the board of Pinstripes.
Advisors
William Blair & Company, L.L.C. served as financial advisor,
capital markets advisor and placement agent to Banyan. BTIG, LLC
served as capital markets advisor and placement agent to Banyan.
Oppenheimer & Co. Inc., Roth Capital Partners and Stephens Inc.
served as capital markets advisors to Pinstripes. DLA Piper LLP
(US) served as legal counsel to William Blair & Company, L.L.C.
and BTIG, LLC. Katten Muchin Rosenman LLP acted as legal advisor to
Pinstripes, Kirkland & Ellis LLP acted as legal advisor to
Banyan and White & Case LLP acted as legal advisor to
Oaktree.
About Pinstripes
Born in the Midwest, Pinstripes’ best-in-class venues offer a
combination of made-from-scratch dining, bowling and bocce and
flexible private event space. From its full-service
Italian-American food and beverage menu to its gaming array of
bowling and bocce, Pinstripes offers multi-generational activities
seven days a week. Its elegant and spacious 25,000 – 38,000 square
foot venues can accommodate groups of 20 to 1,500 people for
private events, parties, and celebrations. For more information on
Pinstripes, please visit www.pinstripes.com.
About Oaktree
Oaktree is a leader among global investment managers
specializing in alternative investments, with $183 billion in
assets under management as of September 30, 2023. The firm
emphasizes an opportunistic, value-oriented and risk-controlled
approach to investments in credit, private equity, real assets and
listed equities. The firm has over 1,200 employees and offices in
21 cities worldwide. For additional information, please visit
Oaktree’s website at http://www.oaktreecapital.com/.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release constitute
“forward-looking statements.” Such forward-looking statements are
often identified by words such as “believe,” “may,” “will,”
“estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,”
“would,” “plan,” “predict,” “forecasted,” “projected,” “potential,”
“seem,” “future,” “outlook,” and similar expressions that predict
or indicate future events or trends or otherwise indicate
statements that are not of historical matters, but the absence of
these words does not mean that a statement is not forward-looking.
These forward-looking statements and factors that may cause actual
results to differ materially from current expectations include, but
are not limited to: the ability of Pinstripes to recognize the
anticipated benefits of the Business Combination, which may be
affected by, among other things, competition, the ability of
Pinstripes to grow and manage growth profitably, maintain key
relationships and retain its management and key employees; risks
related to the uncertainty of the projected financial information
with respect to Pinstripes; risks related to Pinstripes’ current
growth strategy; Pinstripes’ ability to successfully open and
integrate new locations; risks related to the substantial
indebtedness of Pinstripes; risks related to the capital intensive
nature of Pinstripes’ business; the ability of Pinstripes’ to
attract new customers and retain existing customers; the impact of
the COVID-19 pandemic, including the resulting labor shortage and
inflation, on Pinstripes; and other economic, business and/or
competitive factors. The foregoing list of factors is not
exhaustive.
Stockholders and prospective investors should carefully consider
the foregoing factors and the other risks and uncertainties
described in the “Risk Factors” section of the definitive joint
proxy statement/consent solicitation statement/prospectus filed by
Banyan in connection with the Business Combination, and other
documents filed by Pinstripes from time to time with the SEC.
Stockholders and prospective investors are cautioned not to
place undue reliance on these forward-looking statements, which
only speak as of the date made, are not a guarantee of future
performance and are subject to a number of uncertainties, risks,
assumptions and other factors, many of which are outside the
control of Pinstripes. Pinstripes expressly disclaims any
obligations or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in the expectations of Pinstripes with respect
thereto or any change in events, conditions or circumstances on
which any statement is based.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231229733791/en/
Investor Relations: ICR for Pinstripes
PinstripesIR@icrinc.com Media Relations: ICR for Pinstripes
PinstripesPR@icrinc.com
Banyan Acquisition (NYSE:BYN)
過去 株価チャート
から 11 2024 まで 12 2024
Banyan Acquisition (NYSE:BYN)
過去 株価チャート
から 12 2023 まで 12 2024
