Pinstripes Holdings, Inc.: Nasdaq/NYSE listing notice — Pinstripes enters LOI for recapitalization with Oaktree; receives $7.5M loan, to delist from NYSE

Pinstripes Holdings, Inc.

Oaktree will receive 85% of common stock; existing stockholders retain 15% plus warrants with upside at certain enterprise values.
Company receives $7.5M Tranche 2 Loan from Oaktree at 20% PIK interest; proceeds restricted under control agreement.
NYSE delisting effective after market close March 5, 2025 due to non-compliance with $15M market cap rule; stock now trades on OTC Pink.
Current Oaktree loan defaults forbearance extended to March 31, 2025; company must retain consulting firm and board-appointed officer.
Recapitalization closing subject to definitive docs and waiver of defaults from Silverview and Granite Creek lenders.

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 Capital Management, L.P. at 20% maturing December 29, 2028.

Instrument: term loan
Principal: $7.5 million
Counterparty: Oaktree Capital Management, L.P.
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.

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Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.9

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

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Source: SEC EDGAR

accession 0001852633-25-000036

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