Portfolio Update

Pinstripes Completes Business Combination with Banyan Acquisition Corporation and Will Begin Trading on New York Stock Exchange

Pinstripes Class A Common Stock and Warrants to Trade on NYSE on January 2, 2024, under the Symbols “PNST and “PNST WS”

Best-in-Class Experiential Dining and Entertainment Brand Has Raised More Than $70 Million, Including $50 Million in Senior Secured Financing from Oaktree

Company to Ring the NYSE Opening Bell on January 19, 2024

Pinstripes, Inc., a best-in-class experiential dining and entertainment brand combining bistro, bowling, bocce and private event space, and Banyan Acquisition Corporation (“Banyan”) (NYSE: BYN) today announced they have closed their previously announced business combination (“the Business Combination”), which was approved by Banyan’s stockholders at a meeting on December 27, 2023.

In connection with the Business Combination, Pinstripes has raised more than $70 million in gross proceeds to support the Company’s strategic growth plans and the opening of additional locations. As part of such gross proceeds, Pinstripes has obtained a $50 million senior secured loan due 2028 (“2028 Loan”) from funds managed by Oaktree Capital Management, L.P. (“Oaktree”), on terms substantially the same as those set forth in the non-binding term sheet disclosed in a current report on Form 8-K filed by Banyan on December 19, 2023. Oaktree will have the option at its sole discretion and election, subject to satisfaction of certain conditions, to loan an additional $40 million in aggregate principal amount to Pinstripes no earlier than nine months and no later than 12 months following the 2028 Loan closing.

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