Banyan Acquisition Sponsor LLC - Dec 20, 2023 Form 4 Insider Report for Banyan Acquisition Corp (BYN)

Role
Director, Director By Deputization, 10%+ Owner
Signature
/s/ Jerry Hyman, Manager of Banyan Acquisition Sponsor LLC
Stock symbol
BYN
Transactions as of
Dec 20, 2023
Transactions value $
$0
Form type
4
Date filed
12/21/2023, 07:20 AM
Previous filing
Apr 25, 2023
Next filing
Aug 5, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction BYN Class A Common Stock Conversion of derivative security $0 +4.9M +245% $0.00 6.9M Dec 20, 2023 Direct F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction BYN Class B Common Stock Conversion of derivative security $0 -4.9M -96.17% $0.00 195K Dec 20, 2023 Class A Common Stock 4.9M $0.00 Direct F1, F2
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 In accordance with the amended and restated certificate of incorporation of Banyan Acquisition Corporation ("Banyan"), as amended, Banyan Acquisition Sponsor LLC ("Sponsor") elected to convert 4,900,000 shares of Class B Common Stock into shares of Class A Common Stock on a one-for-one basis for no consideration.
F2 Pursuant to the amendment to the amended and restated certificate of incorporation of Banyan that became effective on April 21, 2023, the shares of Class B Common Stock held by the Sponsor became convertible into shares of Class A Common Stock at any time at the Sponsor's election on a one-for-one basis. The shares of Class B Common Stock also automatically convert into shares of Class A Common Stock at the time of the closing of Banyan's initial business combination on a one-for-one basis and have no expiration date.

Remarks:

Keith Jaffee and Jerry Hyman, the two managers of the Reporting Person, are directors of Banyan.