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Experiential Dining Brand Pinstripes to Go Public, Add Locations

SPAC

Pinstripes, an experiential dining and entertainment brand, and special purpose acquisition company (SPAC) Banyan Acquisition Corp. have closed their previously announced business combination and will begin trading on the New York Stock Exchange (NYSE).

With this business combination, Pinstripes has become a wholly owned subsidiary of Banyan, which has changed its name to Pinstripes Holdings, the companies said in a Friday (Dec. 29) press release.

Pinstripes’ Class A common stock and warrants will begin trading on NYSE under the ticker symbols PNST and PNST WS, respectively, on Tuesday (Jan. 2) and the company will ring the NYSE opening bell on Jan. 19, according to the release.

“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,” Pinstripes founder and CEO Dale Schwartz said in the release. “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.”

Schwartz and the rest of the current management team of Pinstripes will continue in their management roles, according to the release.

Together with the business combination, Pinstripes has raised more than $70 million in gross proceeds to support its strategic growth plans and the opening of new locations, the release said.

Formed 17 years ago in the Midwest, Pinstripes offers dining, bowling, bocce and a private event space, per the release.

“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,” Banyan Chairman Jerry Hyman said in the release. “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.”

In another recent development in this space, restaurant and entertainment chain Dave & Buster’s said on Dec. 5 that it is looking to embed mobile engagement into every part of the in-store experience.

“We believe that there is an opportunity—and we’ve seen this in our remodeled store — to improve our digital guest engagement platform at the store level,” Dave & Buster’s CEO Chris Morris said during the company’s third-quarter earnings call.