Banyan Acquisition Corporation Announces Stockholder Approval of Amendments to Charter and Trust Agreement and Extension of Business Combination Period
April 21 2023 - 4:05PM
Business Wire
Banyan Acquisition Corporation (NYSE: BYN.U, BYN, BYN.WS) (the
“Company”), a special purpose acquisition company, announced today
that at its special meeting of stockholders on April 21, 2023 (the
“Meeting”), the Company’s stockholders voted in favor of the
proposal to amend (the “Charter Amendment”) the Company’s amended
and restated certificate of incorporation (the “Charter”) and in
favor of a proposal to amend the investment management trust
agreement (the “Trust Amendment”), dated as of January 19, 2022,
between the Company and Continental Stock Transfer & Trust
Company (the “Trust Agreement”), and the Company has implemented
the Charter Amendment and the Trust Amendment. Additionally, as
permitted by the Charter Amendment and the Trust Amendment, the
Company has now extended the period by which it must complete a
business combination by eight months from April 24, 2023 to
December 24, 2023.
The Company has been advised that, in connection with the
stockholders’ vote at the Meeting, holders of 20,151,313 shares of
Class A Common Stock exercised their right to redeem their shares
for cash at an approximate price of $10.42 per share, for an
aggregate payment of approximately $210,031,815.49, which will be
withdrawn from the Company’s trust account to redeem such
shares.
For additional information, see the Company’s current report on
Form 8-K being filed today.
About Banyan Acquisition Corporation
Banyan Acquisition Corporation, led by CEO, Keith Jaffee, and
Chairman, Jerry Hyman, is a special purpose acquisition company
formed with the purpose of entering into a business combination
with one or more businesses. While the Company may pursue an
initial business combination with a company in any sector or
geography, it intends to focus its search on businesses within the
foodservice industry.
Forward -Looking Statements
Certain statements made in this release with respect to the
Company and the Meeting are “forward-looking statements” within the
meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. When used in this
release, the words “estimates,” “projected,” “expects,”
“anticipates,” “forecasts,” “plans,” “intends,” “believes,”
“seeks,” “may,” “will,” “should,” “future,” “propose” and
variations of these words or similar expressions (or the negative
versions of such words or expressions) are intended to identify
forward-looking statements. These forward-looking statements are
not guarantees of future performance, conditions or results, and
involve a number of known and unknown risks, uncertainties,
assumptions and other important factors, many of which are outside
the Company’s control, that could cause actual results or outcomes
to differ materially from those expressed in, or implied by, the
forward -looking statements. Important factors, among others, that
may affect actual results or outcomes include: the ability of the
Company to enter into a definitive agreement with respect to, and
consummate, an initial business combination within the extended
time now available to the Company and those factors discussed in
the Company’s annual report on Form 10-K for the fiscal year ended
December 31, 2023 under the heading “Risk Factors,” and in other
documents the Company filed, or will file, with the Securities and
Exchange Commission. The Company does not undertake any obligation
to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by law.
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Banyan Acquisition Corporation Keith Jaffee
Keith@banyanacquisition.com
Banyan Acquisition (NYSE:BYN.U)
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