Pinstripes Holdings, Inc.: Nasdaq/NYSE listing notice — Pinstripes signs LOI for Oaktree recapitalization giving Oaktree 85% equity; NYSE delisting effective

Pinstripes Holdings, Inc.

Binding LOI: Oaktree receives 85% of common stock (10% MIP dilutes), existing holders get 15% plus warrants with upside at $300M/$400M/$750M valuations.
Oaktree funds $7.5M Tranche 2 loan at 20% PIK interest; proceeds subject to budget control and weekly withdrawal limits.
NYSE delisting proceedings started due to market cap below $15M; stock now trades on OTC Pink.
Existing make-whole debt converted to preferred stock with 8% PIK; financial covenants eliminated from Oaktree Loan.
Oaktree to appoint all directors; closing contingent on definitive documentation and waiver of Silverview/Granite Creek defaults.

item 1.01 item 2.03 item 3.01 item 3.02 item 7.01 item 9.01

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 term loan of $7.5 million with Oaktree Lenders at 20% maturing December 29, 2028.

Instrument: term loan
Principal: $7.5 million
Counterparty: Oaktree Lenders
Rate: 20%
Maturity: December 29, 2028
Event: incurrence

Exact text from the filing

On March 7, 2025, in connection with the closing of the Oaktree Third Amendment, the Oaktree Lenders will fund a Tranche 2 Loan in the amount of $7.5 million. The Oaktree Third Amendment also provides, among things (including amendments to the financial reporting covenant), that (i) the milestone deadline in respect of consummating an equity transaction will be extended from March 21, 2025 to March 31, 2025, (ii) the proceeds of the $7.5 million Tranche 2 Loan will be deposited into an account subject to a control agreement, will be utilized consistently with an approved budget and can only be withdrawn once every calendar week by delivering a withdrawal notice to the Oaktree Agent, (iii) on or prior to March 7, 2025 (or such later date as may be agreed to by Oaktree in its sole discretion), the Company shall have retained and appointed a consulting firm designated by the Board and approved by Oaktree to provide advisory and consulting services to the Company on terms and conditions sa

View on SEC.gov

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.95

Pinstripes Holdings, Inc. received a nyse delisting notice notice regarding market value (rules 802.01B).

Exchange: nyse
Notice: delisting notice
Deficiency: market value
Rules: 802.01B

Exact text from the filing

March 5, 2025, the NYSE notified the Company and publicly disclosed that it has determined to commence proceedings to delist the Company’s Common Stock, as a result of the Company’s non-compliance with Rule 802.01B of the NYSE Listed Company Manual that requires listed companies to maintain an average global market capitalization of at least $15 million over a period of 30 consecutive trading days. Trading of the Common Stock on the NYSE was suspended after market close on March 5, 2025. The NYSE will apply to the Securities and Exchange Commission (the “SEC”) to delist the Common Stock upon c

View on SEC.gov

Browse all debt financings →

Source: SEC EDGAR

accession 0001852633-25-000032

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.