Pinstripes Holdings, Inc.: debt financing — Banyan Acquisition issues up to $2M promissory notes to chairman and CEO for working capital

Pinstripes Holdings, Inc.

Jerry Hyman and Keith Jaffee each received promissory notes of up to $1,000,000.
Initial $100,000 funded per note; proceeds used for general working capital.
Notes mature upon business combination; non-interest bearing; up to $750,000 per note convertible into warrants at $1.00/warrant.
Warrants are identical to private placement warrants issued to sponsor at IPO.
Repayment only from funds outside trust if no business combination occurs.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Pinstripes Holdings, Inc. incurred loan of total principal amount of up to $1,000,000 with Jerry Hyman maturing mature upon closing of the Company’s initial business combination.

Instrument: loan
Principal: total principal amount of up to $1,000,000
Counterparty: Jerry Hyman
Maturity: mature upon closing of the Company’s initial business combination
Event: incurrence

Exact text from the filing

(the “Notes”) to the Company’s chairman, Jerry Hyman and to the Company’s chief executive officer, Keith Jaffee. Each of the Notes is in the total principal amount of up to $1,000,000 and each of Jerry Hyman and Keith Jaffee have funded an initial principal amount of $100,000. The proceeds of the Notes, which may be drawn down from time to time until the

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Pinstripes Holdings, Inc. incurred loan of total principal amount of up to $1,000,000 with Keith Jaffee maturing mature upon closing of the Company’s initial business combination.

Instrument: loan
Principal: total principal amount of up to $1,000,000
Counterparty: Keith Jaffee
Maturity: mature upon closing of the Company’s initial business combination
Event: incurrence

Exact text from the filing

(the “Notes”) to the Company’s chairman, Jerry Hyman and to the Company’s chief executive officer, Keith Jaffee. Each of the Notes is in the total principal amount of up to $1,000,000 and each of Jerry Hyman and Keith Jaffee have funded an initial principal amount of $100,000. The proceeds of the Notes, which may be drawn down from time to time until the

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Source: SEC EDGAR

accession 0001104659-23-068071

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