Foodservice SPAC Banyan Acquisition Aims To Conduct A US$210 Million IPO

Blank check company Banyan Acquisition Corporation (NYSE: BYN.U) is looking to raise US$210 million for its initial public offering. The company goes public today on the New York Stock Exchange.

The offering consists of 21.0 million company units, up from the previous size of 20.0 million units and down from the original plan of 30.0 million units. Each unit is priced at US$10.00 per unit and consists of one Class A share and one-half of a purchase warrant. Each whole warrant is exercisable to purchase one whole Class A share at US$11.50 per share.

Upon separation, the Class A shares and the warrants will be trading on the New York-based big board under symbols “BYN” and “BYN.WS”, respectively.

The underwriters were granted a 45-day option to purchase an additional 3.15 million units at the same IPO price, potentially bringing the total proceeds to US$345.0 million. BTIG acts as the sole bookrunner for the said offering.

The offering is expected to close on January 24, 2022, subject to customary closing conditions.

The blank check firm will be headed by its chairman Jerry Hyman, the current chairman and former CEO of foodservice company TriMark USA, and its CEO Keith Jaffee, a former chairman and CEO of Focus Products. The SPAC has also listed Walmart CFO Brett Biggs as its special advisor.

The firm intends to focus its search on businesses within the foodservice industry.

Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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