© Reuters.
NEW YORK – Pinstripes Holdings Inc., the entertainment and dining venue operator formerly known as Banyan, has completed a successful business combination that raised more than $70 million. This capital increase is intended for strategic expansion initiatives. CEO Dale Schwartz, who also takes the helm of the board, expressed excitement over the successful fundraising efforts.
The company is poised for a major milestone, as its Class A common stock and warrants are expected to begin trading on the New York Stock Exchange (NYSE) under the symbols “PNST” and “PNST WS” on Tuesday, January 2, 2024. This move to a public listing is expected to give Pinstripes greater visibility and better access to capital markets to fuel its growth strategy.
In addition to funds from the business combination, Pinstripes Holdings got a financial lifeline from Oaktree Capital Management, a firm that manages $183 billion in assets and is known for its expertise in alternative investments. Oaktree provided Pinstripes with a senior secured loan, with an option for the company to borrow an additional $40 million if necessary. This financial support from a reputable institution underlines confidence in Pinstripes’ business model and future prospects.
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2023-12-29 17:59:00
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