Pinstripes Holdings(US:PNST)2023-11-13 23:58Financial Position - As of September 30, 2023, the company had cash of $304,554 and a working capital deficit of $6,289,130[127]. - The company has treasury securities in the Trust Account amounting to $42,423,610 as of September 30, 2023[142]. - As of September 30, 2023, the Trust Account balance was $42,423,610 after an aggregate payment of $210,031,815 to redeeming holders[150]. - The Company has no off-balance sheet arrangements or long-term debt obligations as of September 30, 2023[152]. Business Combination - The company anticipates closing the Business Combination with Pinstripes, with a revised equity value of $379,366,110[132]. - The company plans to use substantially all funds in the Trust Account to complete the Initial Business Combination, which totaled $246,330,000 after the Initial Public Offering[141]. - The company has incurred significant costs in pursuit of its Initial Business Combination plans and does not expect to generate operating revenues until after the completion of the Business Combination[133]. - The Company has extended the deadline to complete its Initial Business Combination from April 24, 2023, to December 24, 2023[149]. - The Company engaged William Blair as a co-placement agent, with a success fee of $4,000,000 contingent on the Initial Business Combination[157]. Financial Performance - For the three months ended September 30, 2023, the company reported a net loss of $108,738, with total expenses of $1,496,328 and interest income of $518,257[134]. - For the nine months ended September 30, 2023, the company experienced a net loss of $5,371,869, which included $5,082,484 in expenses and $4,424,600 of interest income[136]. Stock and Shareholder Information - The company intends to provide holders of common stock of Pinstripes with an aggregate of 5 million shares of Class B common stock, subject to vesting conditions[132]. - A total of 20,151,313 shares of Class A common stock were redeemed at an approximate price of $10.42 per share[150]. - The Sponsor converted 2,000,000 shares of Class B common stock into Class A common stock, resulting in 5,998,687 shares of Class A and 5,245,000 shares of Class B outstanding[151]. Cash Management - The company has withdrawn $2,214,547 of interest earned from the Trust Account to pay taxes through September 30, 2023[143]. - The company does not believe it will need to raise additional funds to meet expenditures prior to the Initial Business Combination[145]. Fees and Obligations - The deferred underwriter fee was reduced from $9,660,000 to $3,622,500, as of September 30, 2023[156]. - The Company is contractually obligated to pay a monthly fee of $10,000 to an affiliate of the Sponsor for operational support[153]. - The Sponsor has permanently waived its right to receive certain fees from the Company for the three and nine months ended September 30, 2023[155]. Accounting Standards - The Company is assessing the impact of ASU No. 2020-06 on its financial position, results of operations, or cash flows[159].