Pinstripes Completes Business Combination with Banyan Acquisition Corporation and Will Begin Trading on New York Stock Exchange

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.”