Pinstripes’ leadership team rang the bell earlier this month to mark the company’s debut on the public market after a special purpose acquisition company (SPAC) deal with Banyan Acquisition Company in late December. The eatertainment concept has already been trading publicly on the Nasdaq stock exchange under the ticker symbol “PNST.”
For founder and CEO Dale Schwartz, the Wall Street ceremony is a big step on this journey that began in 2007, when he opened the first Pinstripes location.
He considered taking the concept public about six years ago, knowing it would infuse more capital into the business, help build more brand awareness, and help recruit and retain employees.
So, Pinstripes embarked upon a pre-IPO roadshow in early 2020. We all know what happened then, however. Then Omicron happened. Then the IPO market all but froze last year. Fast forward to 2023, and Banyan entered the conversation and invested $21 million upfront as a “precursor.”
