Banyan Acquisition in an 8-K filing said it signed a non-redemption agreement with third-party investors who will hold onto 1.2 million shares through the upcoming deadline extension vote April 18. In return, the SPAC's sponsor will give those investors 300,000 founders' shares.
The SPAC wants to push its deal deadline back from April 24 to Dec. 24.
Banyan raised $241.5 million in a January 2022 IPO. The SPAC is targeting businesses within the foodservice industry. Read more.
Source: Banyan Acquisition Secures Non-Redemption Agreement Ahead of Extension Vote