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

Role
Director, Director By Deputization, 10%+ Owner
Signature
/s/ Jerry Hyman, Manager of Banyan Acquisition Sponsor LLC
Issuer symbol
PNST
Transactions as of
20 Dec 2023
Net transactions value
$0
Form type
4
Filing time
21 Dec 2023, 07:20:50 UTC
Previous filing
25 Apr 2023
Next filing
05 Aug 2024
SEC
View on sec.gov

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 +4,900,000 +245% $0.000000 6,900,000 20 Dec 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 -4,900,000 -96% $0.000000 195,375 20 Dec 2023 Class A Common Stock 4,900,000 $0.000000 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.