Banyan Acquisition Corporation (NYSE: BYN.U) announced this afternoon that it intends to adjourn its extension vote, originally scheduled to be held on April 18, and will reconvene at 10:00 a.m. ET on April 21.
In connection with the adjournment of the meeting, Banyan has also pushed back the redemption deadline until April 19.
As of now, the SPAC faces a completion deadline of April 24, but is hoping to gain shareholder approval to extend its timeline to December 24.
Within the past month, Banyan has entered into multiple non-redemption agreements with several unaffiliated third parties in exchange for the investors agreeing not to redeem a total of 4,000,000 shares. These agreements are expected to increase the amount of funds that remain in the company’s trust following the extension meeting.
It announced the pricing of its upsized $210 million IPO in January 2022. Although Banyan has not found a target to combine with just yet, it intends to focus its search on iconic brands or established platforms in the foodservice industry that are leaders in their respective categories.
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