Banyan Acquisition extends deadline to Dec 2023; $210M redeemed, trust balance $41.7M

On April 21, 2023, the Company filed an amendment (the “Charter Amendment”) to its amended and restated certificate of incorporation (the “Charter”) with the Secretary of State for the State of Delaware. The Charter Amendment provides that (i) the Company has the option to extend the period by which it must complete a business combination by eight months from April 24, 2023 to December 24, 2023 with such Extension Option exercisable upon at least two calendar days’ advance notice (by April 22, 2023) and (ii) each of the holders of shares of the Company’s Class B common stock (“Class B Common Stock”) has the right at any time to convert any and all of its shares of the Company’s Class B Common Stock to shares of the Company’s Class A common stock (“Class A Common Stock” and, together with the Class B Common Stock, the “Common Stock”) on a one-for-one basis prior to the closing of a business combination at the election of such holder.

As reported in Item 5.07 below, the Trust Amendment was approved by the Company's stockholders at the reconvened special meeting of stockholders the Company's (the "Meeting") on April 21, 2023.