Keith Jaffee - 20 Dec 2023 Form 4 Insider Report for Banyan Acquisition Corp (PNST)

Reporting relationship: Chief Executive Officer, Director, 10%+ Owner
Issuer ticker: PNST
Reported as of: 20 Dec 2023
Net transaction value: $0
SEC form: 4
Accepted by SEC: 21 Dec 2023, 07:22:19 UTC
Prior SEC filing: 25 Apr 2023
Next SEC filing: 03 Jan 2024
Source filing: View source filing
Reporting owner signature: /s/ Keith Jaffee

Key filing fact

Keith Jaffee filed Form 4 for Banyan Acquisition Corp (PNST) on 21 Dec 2023.

Key facts

This page summarizes Keith Jaffee's Form 4 filing for Banyan Acquisition Corp (PNST).
2 reported transactions and 1 derivative row are listed below.
Accepted by SEC: 21 Dec 2023, 07:22.

Change

Previous filing in this sequence was filed on 25 Apr 2023.
Current net transaction value: $0.

Research use

This tells you what this filing adds before you inspect full transaction and derivative tables.
You can trace every row back to the original SEC filing document.

Evidence

Filed on Form 4

Ownership activity is grounded in SEC Form 4 disclosures.

View source filing

Reported non-derivative transactions

Shares, units, or other non-derivative securities reported in this filing.

BYN transaction

Class A Common Stock

Conversion of derivative security

Transaction value: $0
Shares: +4,900,000
Change %: +245%
Price: $0.000000
Shares after: 6,900,000
Date: 20 Dec 2023
Ownership: Through Banyan Acquisition Sponsor LLC
Footnotes: F1, F2

Reported derivative securities

Options, warrants, convertible securities, or similar derivative positions disclosed in the filing.

BYN transaction Derivative

Class B Common Stock

Conversion of derivative security

Transaction value: $0
Shares: -4,900,000
Change %: -96%
Price: $0.000000
Shares after: 195,375
Date: 20 Dec 2023
Ownership: Through Banyan Acquisition Sponsor LLC
Underlying class: Class A Common Stock
Underlying amount: 4,900,000
Exercise price: $0.000000
Footnotes: F1, F2, F3

^* marks a reported price that did not pass the local price check.

Additional SEC filing notes

Filing notes and footnotes

Explanation of responses 3 footnotes

Footnote 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.

Footnote F2

Sponsor is the record holder of the securities reported herein. Jerry Hyman and Keith Jaffee are the sole members of the board of managers of the Sponsor. As a result, Mr. Hyman and Mr. Jaffee may be deemed to share beneficial ownership of the shares held by the Sponsor. For purposes of Section 16 of the Securities Exchange Act of 1934, as amended, the Reporting Person disclaims beneficial ownership of any such securities, except to the extent of his indirect pecuniary interest therein.

Footnote F3

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.