secwatch.observer — SEC 8-K summary
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Issuer:     Pinstripes Holdings, Inc. (—)
CIK:        0001852633
Form:       8-K/A
Filed at:   2025-03-07T23:59:59+00:00
Accession:  0001852633-25-000036
Event type: other_material
Sentiment:  negative
Materiality: 1.00
Item codes: 1.01, 2.03, 3.01, 3.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Pinstripes enters LOI for recapitalization with Oaktree; receives $7.5M loan, to delist from NYSE
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1852633/000185263325000036/0001852633-25-000036-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1852633/000185263325000036/pnst-20250305.htm
  HTML page:      https://secwatch.observer/filing/0001852633-25-000036

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