Latest Non-Redemption Agreements: Banyan Acquisition Corporation
Banyan Acquisition Corp. (BYN) Adds Non-Redemption Agreement
On April 11, 2023, Banyan Acquisition Corporation (NYSE:BYN) entered into non-redemption agreements with unaffiliated third parties, pursuant to which such third parties have agreed not to redeem an aggregate of 1,200,000 shares of Class A common stock of the company in connection with the extension proposals.
Pursuant to the agreements, the sponsor has agreed to transfer an aggregate of 300,000 shares of Class B common stock of the company held by the sponsor to such third parties immediately following consummation of an initial business combination.
Additionally, as part of the non-redemption agreements, the company agreed that it will not transfer funds from the trust account into demand deposit accounts or certificates of deposit until 24 months after the date of the consummation of the company’s initial public offering.
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