Banyan Acquisition in a proxy filing slated an April 18 stockholders meeting to consider a proposal that would give the SPAC until Oct. 24 to secure a merger agreement with a target and complete a deal.
If the extension amendments are not approved, the Banyan board could choose to exercise its original extension option by depositing about $2.42 million into trust by the current April 24 deadline. That cash infusion would automatically push the termination date back to July 24.
Banyan raised $241.5 million in a January 2022 IPO. The SPAC is targeting businesses within the foodservice industry. Read more.