secwatch.observer — SEC 8-K summary
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Issuer:     Pinstripes Holdings, Inc. (—)
CIK:        0001852633
Form:       8-K
Filed at:   2025-03-07T23:59:59+00:00
Accession:  0001852633-25-000032
Event type: other_material
Sentiment:  negative
Materiality: 0.90
Item codes: 1.01, 2.03, 3.01, 3.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Pinstripes signs LOI for Oaktree recapitalization giving Oaktree 85% equity; NYSE delisting effective
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1852633/000185263325000032/0001852633-25-000032-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1852633/000185263325000032/pnst-20250305.htm
  HTML page:      https://secwatch.observer/filing/0001852633-25-000032

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer