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Pinstripes Holdings, Inc., a food and beverage company with a market capitalization of $26 million and currently trading at $0.51, is facing the delisting of its public warrants from the New York Stock Exchange (NYSE), according to a recent SEC filing. InvestingPro analysis indicates the company operates with a significant debt burden of $192 million and is currently undervalued according to its Fair Value model.
On December 17, 2024, the NYSE notified the company of its decision to commence delisting proceedings for Pinstripes Holdings' public warrants due to their "abnormally low" trading price levels. This development comes as the company's stock has experienced a significant decline, falling over 95% year-to-date and currently trading near its 52-week low of $0.44.
The affected warrants were issued during the initial public offering of Banyan Acquisition Corp. and are exercisable for Pinstripes Holdings’ Class A common stock at $11.50 per share. The company's public warrants were trading on the NYSE under the symbol "PNST.WS." Following the notice, the NYSE has immediately suspended trading of these warrants.
This action by the NYSE is in accordance with Section 802.01D of the NYSE Listed Company Manual, which addresses concerns regarding the trading price levels of listed securities. However, the delisting and suspension do not affect the trading of Pinstripes Holdings' Class A common stock, which will continue to be listed and traded on the NYSE under the symbol "PNST," provided the company remains in compliance with the NYSE's continued listing requirements.
The information reported is based on a press release statement and reflects the current status of Pinstripes Holdings, Inc. as of December 20, 2024, with no further details on the company's plans to address the delisting at this time.
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