NORTHBROOK, Ill. — Pinstripes Holdings, Inc. (OTC: PNST), a dining and entertainment brand combining bistro, bowling, bocce, and private event space, has entered into a binding letter of intent (LOI) with funds managed by Oaktree Capital Management, L.P., an affiliate of the holders of the majority of its outstanding debt.
Under the terms of the LOI, Oaktree is providing additional funding under terms similar to prior commitments. Upon closing, Oaktree will become the majority equity holder and elect the Company’s Board of Directors, while current stockholders will retain an equity interest and receive warrants for potential future upside. The recapitalization aims to reduce Pinstripes’ cash interest obligations, provide liquidity for operations, and support long-term growth.
“We are pleased to announce these transactions, which strengthen our balance sheet and enhance our financial flexibility for the benefit of the Company and its key stakeholders – investors, customers, vendors, and team members,” said Dale Schwartz, Founder and CEO of Pinstripes. “The last year has proven challenging, and I am grateful for the dedication and hard work of our Pinstripes Team Members. This announcement represents an important step in revitalizing our business and demonstrates the confidence investors have in our long-term success. We appreciate the support from our lenders – Oaktree, Silverview, and Granite Creek – and look forward to creating substantial value for all stakeholders.”
Oaktree, a leading alternative investment firm with $202 billion in assets under management, has committed to providing additional investment to strengthen Pinstripes’ balance sheet and support its strategic vision.
NYSE Delisting
On March 5, 2025, the NYSE notified the Company that it would commence delisting proceedings for its Class A common stock due to non-compliance with Rule 802.01B, which requires an average global market capitalization of at least $15 million over 30 consecutive trading days. Trading was suspended after market close on March 5, and the NYSE will apply to the SEC to complete the delisting process. Pinstripes has opted not to appeal the decision, and its stock now trades on the OTC Pink Market. The Company has not yet determined whether to suspend its reporting obligations under the Securities Exchange Act of 1934.
Advisors
Katten Muchin Rosenman LLP is serving as legal advisor, and Piper Sandler & Co. is acting as investment banker and financial advisor to Pinstripes. Ropes & Gray LLP is advising the Pinstripes Special Committee, while White & Case LLP is representing Oaktree.
