Item 1.01 Entry into a Material Definitive Agreement
On April 21, 2023 (the "Meeting"), Banyan Acquisition Corporation (the
"Company") entered into an amendment (the "Trust Amendment") to the Investment
Management Trust Agreement, dated as of January 19, 2022 (the "Trust
Agreement"), with Continental Stock Transfer & Trust Company. Pursuant to the
Trust Amendment, the Company has the right to extend the period by which it must
complete a business combination by eight months from April 24, 2023 to
December 24, 2023 (the "Extension Option") without having to make any payment to
the trust account established in connection with the Company's initial public
offering. As reported in Item 5.07 below, the Trust Amendment was approved by
the Company's stockholders at the reconvened special meeting of stockholders the
Company's (the "Meeting") on April 21, 2023.
On April 21, 2023, the Company extended the time to complete a business
combination by eight months from April 24, 2023 to December 24, 2023 pursuant to
the Extension Option.
The foregoing description of the Trust Amendment does not purport to be complete
and is qualified in its entirety by reference to the Trust Amendment, which is
filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by
reference herein.
Item 5.03. Amendments to Articles of Incorporation or Bylaws? Change in Fiscal
Year.
On April 21, 2023, the Company filed an amendment (the "Charter Amendment") to
its amended and restated certificate of incorporation (the "Charter") with the
Secretary of State for the State of Delaware. The Charter Amendment provides
that (i) the Company has the option to extend the period by which it must
complete a business combination by eight months from April 24, 2023 to
December 24, 2023 with such Extension Option exercisable upon at least two
calendar days' advance notice (by April 22, 2023) and (ii) each of the holders
of shares of the Company's Class B common stock ("Class B Common Stock") has the
right at any time to convert any and all of its shares of the Company's Class B
Common Stock to shares of the Company's Class A common stock ("Class A Common
Stock" and, together with the Class B Common Stock, the "Common Stock") on a
one-for-one basis prior to the closing of a business combination at the election
of such holder. As reported in Item 5.07 below, the Charter Amendment was
approved by the Company's stockholders at the Meeting and became effective upon
filing.
As reported in Item 8.01 below, on April 21, 2023, Banyan Acquisition Sponsor
LLC ("Sponsor") converted 2,000,000 shares of Class B Common Stock into
2,000,000 shares of Class A Common Stock on a one-for-one basis and, as reported
in Item 1.01 above, the Company extended the time to complete a business
combination by eight months from April 24, 2023 to December 24, 2023 pursuant to
the Extension Option.
The foregoing description of the Charter Amendment does not purport to be
complete and is qualified in its entirety by reference to the Charter Amendment,
which is filed as Exhibit 3.1 to this Current Report on Form 8-K and is
incorporated by reference herein.
Item 5.07. Submission of Matters to a Vote of Security Holders.
On April 21, 2023, the Company held the Meeting. On March 24, 2023, the record
date for the Meeting, there were 31,395,000 shares of Common Stock entitled to
be voted at the Meeting, 83.46% of which were represented in person or by proxy.
The final results for each of the matters submitted to a vote of Company
stockholders at the Meeting are as follows:
1. Charter Amendment
Stockholders approved the proposal to adopt the Charter Amendment described in
Item 5.03 above. Approval of the Charter Amendment required approval by at least
sixty-five percent (65%) of outstanding shares of Common Stock. Substantially
all of the outstanding shares of Class B Common Stock voted in favor of the
proposal. The voting results were as follows:
FOR AGAINST ABSTAIN
23,704,636 2,498,344 226
2. Trust Amendment
Stockholders approved the proposal to amend the Company's Trust Agreement
pursuant to the Trust Amendment described in Item 1.01 above. Approval of the
Trust Amendment required approval by at least sixty-five percent (65%) of
outstanding shares of Common Stock. Substantially all of the outstanding shares
of Class B Common Stock voted in favor of the proposal. The voting results were
as follows:
FOR AGAINST ABSTAIN
23,704,636 2,498,344 226
3. Adjournment Proposal
Stockholders approved a proposal to adjourn the Meeting to a later date or
dates, if necessary, to permit further solicitation and vote of proxies in the
event that there were insufficient votes, or in certain other circumstances (the
"Adjournment Proposal"), although no further adjournment was necessary. Approval
of the Adjournment Proposal required approval by at least a majority of
outstanding shares of Common Stock present in person or by proxy and entitled to
vote thereon at the Meeting. Substantially all of the outstanding shares of
Class B Common Stock voted in favor of the proposal. The voting results were as
follows:
FOR AGAINST ABSTAIN
23,840,299 2,362,907 0
Item 7.01. Regulation FD Disclosure.
On April 21, 2023, the Company issued a press release announcing the execution
of the Trust Amendment and the election by the Company to extend the period by
which it must complete a business combination by eight months from April 24,
2023 to December 24, 2023 pursuant to the Extension Option, as described in Item
1.01 above, the filing of the Charter Amendment, as described in Item 5.03
above, the results of the Meeting, as described in Item 5.07 above, and the
number of redemptions received in connection with the Meeting, as described in
Item 8.01 below. A copy of the Press Release is furnished as Exhibit 99.1
hereto. The information in this Item 7.01 and Exhibit 99.1 hereto shall not be
deemed "filed" for purposes of Section 18 of the Securities Exchange Act of
1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities
of that section, nor shall it be deemed incorporated by reference in any filing
under the Securities Act of 1933, as amended, or the Exchange Act, except as
expressly set forth by specific reference in such filing.
Item 8.01. Other Events.
Redemption of Class A Common Stock
The Company has been advised that, in connection with the stockholders' vote at
the Meeting, holders of 20,151,313 shares of Class A Common Stock exercised
their right to redeem their shares for cash at an approximate price of $10.42
per share, for an aggregate payment of approximately $210,031,815.49, which will
be withdrawn from the Company's trust account to redeem such shares. Following
the payment of the redemptions, the trust account will have a balance of
approximately $41,677,260.
Sponsor Conversion
On April 21, 2023, pursuant to the terms of the Charter, as amended by the
Charter Amendment, Sponsor converted 2,000,000 shares of Class B Common Stock
held by it on a one-for-one basis into shares of Class A Common Stock with
immediate effect. Following such conversion and taking into account the
redemptions described above, the Company will have an aggregate of 5,998,687
shares of Class A Common Stock issued and outstanding and 5,245,000 shares of
Class B Common Stock issued and outstanding.
Item 9.01. Financial Statements and Exhibits
(c) Exhibits:
Exhibit
No. Description
Charter Amendment, dated April 21, 2023, to the Amended and Restated
3.1 Certificate of Incorporation
10.1 Trust Amendment, dated April 21, 2023, to the Investment Management
Trust Agreement between Continental Stock Transfer & Trust Company and
the Registrant
99.1 Press Release dated April 21, 2023
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