(Tiper Stock Exchange) – Pinstripesa US company active in the catering sector with a format that combines bistros, bowling, petanque and spaces for private events, has announced that it intends list on Wall Street through a business combination with the SPAC Banyan Acquisition Corp. Upon closing of the transaction, expected later this year, Pinstripes common stock is expected to trade on the NYSE under the ticker “PNST.”
The company claims to have a “proven national portabilitywith 13 locations open and operational in eight states, six locations under construction, additional locations expected to open by the end of calendar year 2024, empty space opportunities for approximately 150 locations across the U.S., and additional international potential.
Pinstripes, led by CEO and founder Dale Schwartz, says it is “profitable and highly scalablewith projected revenues and adjusted EBITDA of $185-195 million and $30-33 million, respectively, for 2024.
The transaction values the combined company at pro forma enterprise value approximately $520 million, including an upfront equity investment of more than $20 million directly in Pinstripes by Middleton Partners