As filed with the Securities and Exchange Commission on April 2, 2024
Registration No. 333-276660
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
AMENDMENT NO. 3
TO
FORM S-1
REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933
Pinstripes Holdings, Inc.
(Exact name of registrant as specified in its charter)
Delaware
5810
86-2556699
(State or other Jurisdiction of
Incorporation or Organization) 		(Primary Standard Industrial
Classification Code Number) 		(I.R.S. Employer
Identification Number)
1150 Willow Road
Northbrook, IL 60062
Telephone: (847) 480-2323
(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)
Dale Schwartz
Chief Executive Officer
1150 Willow Road
Northbrook, IL 60062
Telephone: (847) 757-3812
(Name, address, including zip code, and telephone number, including area code, of agent for service)
Copies to:
Mark D. Wood, Esq.
Elizabeth C. McNichol, Esq.
Katten Muchin Rosenman LLP
525 W. Monroe Street
Chicago, IL 60661
Tel: (312) 902-5200
Approximate date of commencement of proposed sale of the securities to the public: From time to time after this Registration Statement becomes effective.
If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the box: ☒
If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering: ☐
If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering: ☐
If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering: ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☐
Accelerated filer
☐
Non-accelerated filer
☒
Smaller reporting company
☒
Emerging growth company
☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐
The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to Section 8(a), may determine.


EXPLANATORY NOTE
This amendment is being filed solely to file an exhibit to the Registration Statement.


PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
Item 13. Other Expenses of Issuance and Distribution.
The following table sets forth the estimated expenses to be borne by the registrant in connection with the issuance and distribution of the shares of common stock being registered hereby.
Securities and Exchange Commission registration fee$53,214.50 
Accounting fees and expenses$35,000.00 
Legal fees and expenses$200,000.00 
Financial printing and miscellaneous expenses$60,000.00 
Total$348,214.50 
Item 14. Indemnification of Directors and Officers.
Subsection (a) of Section 145 of the DGCL empowers a corporation to indemnify any person who was or is a party or who is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation) by reason of the fact that the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by the person in connection with such action, suit or proceeding if the person acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe the person’s conduct was unlawful.
Subsection (b) of Section 145 empowers a corporation to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that the person acted in any of the capacities set forth above, against expenses (including attorneys’ fees) actually and reasonably incurred by the person in connection with the defense or settlement of such action or suit if the person acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the corporation, except that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the corporation unless and only to the extent that the Court of Chancery or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the Court of Chancery or such other court shall deem proper.
Section 145 further provides that to the extent a director or officer of a corporation has been successful on the merits or otherwise in the defense of any action, suit or proceeding referred to in subsections (a) and (b) of Section 145, or in defense of any claim, issue or matter therein, such person shall be indemnified against expenses (including attorneys’ fees) actually and reasonably incurred by such person in connection therewith; that indemnification provided for by Section 145 shall not be deemed exclusive of any other rights to which the indemnified party may be entitled; and the indemnification provided for by Section 145 shall, unless otherwise provided when authorized or ratified, continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of such person’s heirs, executors and administrators. Section 145 also empowers the corporation to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against such person and incurred by such person in any such capacity, or arising out of his status as such, whether or not the corporation would have the power to indemnify such person against such liabilities under Section 145.
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Section 102(b)(7) of the DGCL provides that a corporation’s certificate of incorporation may contain a provision eliminating or limiting the personal liability of a director or officer to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director, provided that such provision shall not eliminate or limit the liability of a director (i) for any breach of the director’s duty of loyalty to the corporation or its stockholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) under Section 174 of the DGCL, or (iv) for any transaction from which the director derived an improper personal benefit.
Additionally, the registrant’s Charter limits the liability of its directors and officers to the fullest extent permitted by the DGCL, and the registrant’s Bylaws provide that it will indemnify them to the fullest extent permitted by such law. The registrant has entered into and expects to continue to enter into agreements to indemnify its directors, executive officers and other employees as determined by the registrant’s board of directors. Under the terms of such indemnification agreements, the registrant is required to indemnify each of its directors and officers, to the fullest extent permitted by the laws of the state of Delaware, if the basis of the indemnitee’s involvement was by reason of the fact that the indemnitee is or was our director or officer or was serving at our request in an official capacity for another entity. The registrant must indemnify its officers and directors under the circumstances and to the extent provided for therein, from and against all losses, claims, damages, liabilities, joint or several, expenses (including legal fees and expenses), judgments, fines, penalties, interest, settlements or other amounts arising from any and all threatened, pending or completed claim, demand, action, suit or proceeding, whether civil, criminal, administrative or investigative, and whether formal or informal, and including appeals, in which he or she may be involved, or is threatened to be involved, as a party or otherwise, to the fullest extent permitted under the DGCL and the Bylaws. The indemnification agreements also require the registrant, if so requested, to advance all reasonable fees, expenses, charges and other costs that such director or officer incurred, provided that such person will return any such advance if it is ultimately determined that such person is not entitled to indemnification by the registrant Any claims for indemnification by the registrant’s directors and officers may reduce our available funds to satisfy successful third-party claims against the registrant and may reduce the amount of money available to the registrant.
Item 15. Recent Sales of Unregistered Securities
On March 16, 2021, Banyan issued an aggregate of 8,625,000 Founder Shares for an aggregate purchase price of $25,000, or approximately $0.003 per share, to the Sponsor, and an aggregate of 142,500 of such Founder Shares were subsequently transferred to Banyan’s independent directors, executive officers and special advisor and other third parties. On November 30, 2021, the Sponsor voluntarily forfeited certain Founder Shares such that Banyan’s initial stockholders, consisting of the Sponsor, independent directors, certain advisors and an additional party collectively held 6,900,000 founder shares. On January 19, 2022, Banyan effectuated a 1.05-for-1 stock split by way of a stock dividend such that Banyan’s initial stockholders, consisting of the Sponsor, independent directors, certain advisors and an additional party then collectively held 7,245,000 Founder Shares.
Simultaneously with the closing of the IPO, Banyan completed the private placement of 11,910,000 Private Placement Warrants to the Sponsor, BTIG and I-Bankers, including 1,260,000 Private Placement Warrants as a result of the Underwriters’ exercise of their over-allotment option in full, at a purchase price of $1.00 per Private Placement Warrant, generating total proceeds of $11,910,000.
In connection with the Closing, the registrant issued 50,000 shares of Pinstripes Holdings Class A Common Stock in settlement of $0.5 million of transaction costs incurred by Pinstripes for financial advisor, legal and other professional services.
Each of the securities described herein were issued in reliance on the exemption from registration requirements thereof provided by Section 4(a)(2) of the Securities Act as a transaction by an issuer not involving a public offering.
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Item 16. Exhibits and Financial Statements Schedules.
Exhibit Number
Description of Exhibit
2.1*†
3.2*
3.3*
4.1*
4.2*
5.1**
10.1*†
10.2*†
10.3*†
10.4*†
10.5*†
10.6*†
10.7*†
10.8*
10.9*†
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10.10*
10.11*
10.12*
10.13*
10.14*
10.15*
10.16*
10.17*
10.18*
10.19*
10.20*
10.21*#
10.22*#
10.23*†
10.24*†
10.25*†
10.26*†
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10.27*†
10.28*†
10.29*†
10.30*†
10.31*†
10.32*
21.1*
23.1*
23.2**
24.1*
101.INS
XBRL Instance Document.
101.SCH
XBRL Taxonomy Extension Schema Document.
101.CAL
XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF
XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB
XBRL Taxonomy Extension Label Linkbase Document.
101.PRE
XBRL Taxonomy Extension Presentation Linkbase Document.
107*
__________________
 *       Previously filed.
**     Filed herewith.
††     To be filed by amendment.
†        Certain of the exhibits and schedules to this Exhibit have been omitted in accordance with Regulation S-K Item 601(a)(5). The Registrant agrees to furnish a copy of all omitted exhibits and schedules to the SEC upon its request.
#Certain confidential portions of this exhibit were omitted by means of marking such portions with asterisks because the identified confidential portions (i) are not material and (ii) would be competitively harmful if publicly disclosed.
Item 17. Undertakings.
The undersigned registrant hereby undertakes:
(1) to file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement: (i) to include any prospectus required by Section 10(a)(3) of the Securities Act of
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1933, as amended (the “Securities Act”); (ii) to reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective registration statement; and (iii) to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement; provided, however, that paragraphs (i), (ii) and (iii) do not apply if the registration statement is on Form S-1 and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement;
(2)that, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof;
(3)to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering;
(4)that, for the purpose of determining liability under the Securities Act to any purchaser, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use; and
(5)that, for the purpose of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:
(i)any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;
(ii)any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;
(iii)the portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of an undersigned registrant; and
(iv)any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.
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Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers, and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer, or controlling person of the registrant in the successful defense of any action, suit, or proceeding) is asserted by such director, officer, or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue.
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Northbrook, State of Illinois on the 2nd day of April, 2024.
PINSTRIPES HOLDINGS, INC.
By:
/s/ Anthony Querciagrossa
Name:
Anthony Querciagrossa
Title:
Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)
SIGNATURES AND POWER OF ATTORNEY
Pursuant to the requirements of the Securities Act, this Amendment No. 3 to this Registration Statement has been signed by the following persons in the capacities and on April 2, 2024.
NAMEPOSITIONDATE
*

Chairperson, Chief Executive Officer and Director
April 2, 2024
Dale Schwartz
*

Director
April 2, 2024
Jerry Hyman
/s/ Anthony Querciagrossa

Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)
April 2, 2024
Anthony Querciagrossa
*

Director
April 2, 2024
Diane Aigotti
*

Director
April 2, 2024
George Koutsogiorgas
*

Director
April 2, 2024
Larry Kadis
*

Director
April 2, 2024
Jack Greenberg
*

Director
April 2, 2024
Daniel Goldberg
*By: /s/ Anthony Querciagrossa

Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)
April 2, 2024
Anthony Querciagrossa
Attorney-in-fact
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Exhibit 5.1

kattenlogoa.jpg
525 W. Monroe Street
Chicago, IL 60661-3693
312.902.5200 tel
312.902.1061 fax
www.kattenlaw.com
April 2, 2024
Pinstripes Holdings, Inc.
1150 Willow Road
Northbrook, IL 60062
Re:Pinstripes Holdings, Inc.
Securities Registered under Registration Statement on Form S-1, as amended
Ladies and Gentlemen:
We have acted as counsel to Pinstripes Holdings, Inc., a Delaware corporation (the “Company”), in connection with the filing with the Securities and Exchange Commission (the “Commission”) on the date hereof, under the Securities Act of 1933, as amended (the “Act”), of a registration statement on Form S-1 (File No. 333-276660), initially filed by the Company with the Commission on January 23, 2024 and previously amended on February 12, 2024 and April 1, 2024 (such registration statement, as amended the “Registration Statement”), including the related preliminary prospectus contained therein and forming a part thereof (the “Prospectus”), by the Company.
The Registration Statement and Prospectus relate to the issuance by the Company of:
(i)up to 23,985,000 shares (the “Warrant Shares”) of the Company’s Class A common stock, par value $0.0001 per share (“Pinstripes Holdings Class A Common Stock”) issuable upon exercise of:
    (a) 12,075,000 warrants (the “Public Warrants”) originally issued in the initial public offering of the Company (formerly known as Banyan Acquisition Corporation (“Banyan”)) pursuant to the registration statement on Form S-1 filed by Banyan with the Commission pursuant to the Act and declared effective by the SEC on January 19, 2022 (the “IPO Registration Statement”); and
    (b) 11,910,000 warrants (the “Private Placement Warrants” and, together with the Public Warrants, the “Warrants”) purchased by Banyan Acquisition Sponsor LLC (the “Sponsor”) and the underwriters of the initial public offering of Banyan in a private placement simultaneously with the closing of the initial public offering.
The Registration Statement and Prospectus also relate to the resale from time to time by the selling securityholders named in the Prospectus (the “Selling Securityholders”) of up to an aggregate of 36,605,141 shares of Pinstripes Holdings Class A Common Stock, which consist of:
(i)20,962,824 outstanding shares of Pinstripes Holdings Class A Common Stock (the “Secondary Class A Shares”), held of record by the Selling Securityholders;
300683001

(ii)up to 4,969,777 shares of Pinstripes Holdings Class A Common Stock (the “Class B Conversion Shares”), held of record by the Selling Securityholders, issuable upon conversion of the Pinstripes Holdings Class B Common Stock (as defined below), which consist of:
(a) 915,000 shares of Pinstripes Holding’s Series B-1 common stock, par value $0.0001 per share (“Pinstripes Holdings Series B-1 Common Stock”);
(b) 915,000 shares of Pinstripes Holding’s Series B-2 common stock, par value $0.0001 per share (“Pinstripes Holdings Series B-2 Common Stock”); and
(c) 872,160 shares of Pinstripes Holding’s Series B-3 common stock, par value $0.0001 per share (“Pinstripes Holdings Series B-3 Common Stock” and together with the Pinstripes Holdings Series B-2 Common Stock and the Pinstripes Holdings Series B-1 Common Stock, the “Pinstripes Holdings Class B Common Stock”);
(iii)up to 647,011 shares of Pinstripes Holdings Class A Common Stock (the “Pinstripes Options Shares”) issuable upon exercise of the options (the “Pinstripes Options”) issued to certain Selling Stockholders in exchange for options to purchase Pinstripes, Inc. common stock outstanding prior to the consummation of the transactions (the “Business Combination”) contemplated by the Business Combination Agreement, dated as of June 22, 2023, as amended and restated on September 26, 2023 and on November 22, 2023, by and among Banyan, Panther Merger Sub Inc. and Pinstripes, Inc. (“Pinstripes”);
(iv)up to 172,806 shares of Pinstripes Holdings Class A Common Stock (the “Restricted Stock Unit Shares”) issuable upon the vesting of restricted stock units that were issued to non-employee directors of the Company on January 19, 2024 as consideration of their service as directors of the Company (the “Restricted Stock Units”);
(v)up to 2,912,500 shares of Pinstripes Holdings Class A Common Stock (the “Oaktree Warrant Shares”) issuable upon exercise of the warrants (the “Oaktree Warrant”) issued by the Company to Oaktree Capital Management, L.P., in connection with the closing of the Business Combination and the loan agreement, dated as of December 29, 2023, by and among Pinstripes, Pinstripes Holdings, Oaktree Fund Administration, LLC, as agent and the lenders party thereto (the “Oaktree Loan Agreement”);
(vi)up to 11,910,000 shares of Pinstripes Holdings Class A Common Stock issuable upon exercise of 11,910,000 Private Placement Warrants at an exercise price of $11.50 per share; and
(vii)up to 11,910,000 Private Placement Warrants.
This opinion is being furnished in accordance with the requirements of Item 601(b)(5) of Regulation S-K under the Act.
In connection with this opinion, we have relied as to matters of fact, without investigation, upon certificates of public officials and officers of the Company. We have also examined originals or copies, certified or otherwise identified to our satisfaction, of such instruments, documents and records as we have deemed relevant and necessary to examine for the purpose of this opinion, including:
(i)the Registration Statement, including the Prospectus, and all exhibits thereto;


(ii)(a) the original certificate of incorporation of the Company, as filed with the Secretary of State of the State of Delaware (the “Secretary”) on March 10, 2021, (b) the amended and restated certificate of incorporation of the Company, as filed with the Secretary on January 19, 2022, and (c) the Company’s second amended and restated certificate of incorporation, as filed with the Secretary on December 29, 2023 and as currently in effect, as certified by an officer of the Company on the date hereof (the “Pinstripes Charter”);
(iii)(a) the Company’s bylaws, in the form filed with the Commission on August 6, 2021, as Exhibit 3.3 to the IPO Registration Statement, (b) the Company’s amended and restated bylaws, in the form filed with the Commission on August 6, 2021, as Exhibit 3.4 to the IPO Registration Statement, and (c) the Company’s amended and restated bylaws, in the form filed as Exhibit 3.3 to a Current Report on Form 8-K filed by the Company with the Commission on January 5, 2024, as currently in effect, as certified by an officer of the Company on the date hereof;
(iv)the specimen warrant certificate, in the form filed with the Commission on January 10, 2022, as Exhibit 4.3 to Amendment No. 4 to the IPO Registration Statement;
(v)(a) the warrants purchase agreement between the Company and the Sponsor, dated as of January 19, 2022, in the form filed as Exhibit 10.4 to a Current Report filed by the Company with the Commission on January 24, 2022 (the “2022 Current Report”), (b) the warrants purchase agreement between the Company and BTIG, LLC, dated as of January 19, 2022, in the form filed as Exhibit 10.5 to the 2022 Current Report, and (c) the warrants purchase agreement between the Company and I-Bankers Securities, Inc., dated as of January 19, 2022, in the form filed as Exhibit 10.6 to the 2022 Current Report (together, the “Private Placement Warrant Agreements”);
(vi)the warrant agreement between the Company and Continental Stock Transfer & Trust Company, dated as of January 19, 2022 (the “Warrant Agreement”), in the form filed with the Commission on January 10, 2022, as Exhibit 4.3 to Amendment 4 to the IPO Registration Statement;
(vii)the underwriting agreement, dated as of January 19, 2022, by and between the Company and BTIG, LLC, as representative of the underwriters named therein, in the form filed as Exhibit 1.1 to Amendment 4 to the IPO Registration Statement;
(viii)the Oaktree Warrant;
(ix)the Pinstripes Holdings, Inc. 2023 Omnibus Equity Incentive Plan (the “Plan”);
(x)the minutes and records of corporate proceedings of the Company relating to the issuance of the Warrant Shares, Public Warrants, Private Placement Warrants, Secondary Class A Shares, Class B Conversion Shares, Pinstripes Option Shares, Restricted Stock Unit Shares and the Oaktree Warrant Shares to which the Registration Statement relates (the “Securities”) and the approval of the Plan; and
(xi)such other instruments, documents, statements and records of the Company and others as we have deemed relevant and necessary to examine and rely upon for the purpose of this opinion.


In connection with this opinion, we have assumed at all applicable times (i) the legal capacity of all natural persons, the accuracy and completeness of all documents and records that we have reviewed, the genuineness of all signatures, the authenticity of the documents submitted to us as originals and the conformity to authentic original documents of all documents submitted to us as certified, conformed or reproduced copies and (ii) there has not been any mutual mistake of fact or misunderstanding, fraud, duress or undue influence. With respect to documents executed or to be executed by parties other than the Company, we have assumed that such parties had or will have the power and authority, corporate or other, to enter into and perform all obligations thereunder and have also assumed the valid existence of such parties, the due authorization by all requisite action, corporate or other of, and execution and delivery by, such parties of such documents and the validity and binding effect thereof on such parties.
Based upon and subject to the foregoing, it is our opinion that:
1.The Warrant Shares, when issued and sold by the Company upon valid exercise of the Warrants in accordance with the terms thereof and the Warrant Agreement, including, without limitation, payment of the consideration thereof described in the Warrant Agreement, will be validly issued, fully paid and non-assessable.
2.The Secondary Class A Shares are validly issued, fully paid and nonassessable.
3.Upon the issuance and delivery of the Class B Conversion Shares in connection with the conversion of shares of Pinstripes Holdings Class B Common Stock into shares of Pinstripes Holdings Class A Common Stock in accordance with the Pinstripes Charter, the Class B Conversion Shares will be validly issued, fully paid and nonassessable.
4.Upon the issuance and delivery of the Pinstripes Options Shares in connection with the valid exercise of the Pinstripes Options in accordance with Plan and the applicable award agreements thereunder, the Pinstripes Options Shares will be validly issued, fully paid and non-assessable.
5.Upon the issuance and delivery of the Restricted Stock Unit Shares in connection with the vesting of the Restricted Stock Units in accordance with the Plan and the applicable award agreements thereunder, such Restricted Stock Unit Shares will be validly issued, fully paid and non-assessable.
6.Upon the issuance and delivery of the Oaktree Warrant Shares in connection with the valid exercise of the Oaktree Warrants in accordance with the terms thereof, such Oaktree Warrant Shares will be validly issued, fully paid and non-assessable.
7.The Private Placement Warrants constitute valid and legally binding obligations of the Company, enforceable against the Company in accordance with their terms under the laws of the State of New York.
Our opinions expressed above are subject to the qualification that (i) we express no opinion to the extent that, notwithstanding the Company’s current reservation of shares of Pinstripes Holdings Class A Common Stock, future issuances of securities of the Company, including the Securities and/or antidilution adjustments to outstanding securities of the Company, may cause the Pinstripes Options, Restricted Stock Units, Oaktree Warrants, the Pinstripes Holdings Class B Common Stock and the Warrants to be exercisable or redeemable for more shares of Pinstripes Holdings Class A Common Stock than the number that then remain authorized but unissued and (ii) we express no opinion as to the


applicability of, compliance with, or effect of (a) any bankruptcy, insolvency, reorganization, fraudulent transfer, fraudulent conveyance, moratorium or other similar law or judicially developed doctrine in this area (such as substantive consolidation or equitable subordination) affecting the enforcement of creditors’ rights generally, (b) general principles of equity (regardless of whether enforcement is considered in a proceeding in equity or at law), (c) an implied covenant of good faith and fair dealing, (d) public policy considerations which may limit the rights of parties to obtain certain remedies, (e) any requirement that a claim with respect to any security denominated in other than U.S. dollars (or a judgment denominated in other than U.S. dollars in respect of such claim) be converted into U.S. dollars at a rate of exchange prevailing on a date determined in accordance with applicable law and (f) governmental authority to limit, delay or prohibit the making of payments outside of the United States or in a foreign currency or currency unit. In addition, we do not express any opinion with respect to the enforceability of any provision contained in any agreements relating to any indemnification, contribution, non-reliance, exculpation, release, limitation or exclusion of remedies, waiver or other provisions having similar effect that may be contrary to public policy or violative of federal or state securities laws, rules or regulations, or to the extent any such provision purports to, or has the effect of, waiving or altering any statute of limitations. We advise you that issues addressed by this letter may be governed in whole or in part by other laws, but we express no opinion as to whether any relevant difference exists between the laws upon which our opinions are based and any other laws which may actually govern.
Our opinion expressed above is limited to New York law and the Delaware General Corporation Law, and we do not express any opinion concerning any other laws. To the extent that any opinion relates to the enforceability of the choice of New York law and choice of New York forum provisions contained in the Securities or the Warrant Agreement, the opinions stated herein are subject to the qualification that such enforceability may be subject to, in each case, (i) the exceptions and limitations in New York General Obligations Law sections 5-1401 and 5-1402 and (ii) principles of comity and constitutionality. This opinion is given as of the date hereof, and we assume no obligation to advise you of changes that may hereafter be brought to our attention. We do not find it necessary for the purposes of this opinion, and accordingly we do not purport to cover herein, the application of the securities or “Blue Sky” laws of the various states to the issuance of the Securities.
This opinion is limited to the specific issues addressed herein, and no opinion may be inferred or implied beyond that expressly stated herein. This opinion speaks only as of the date hereof, and we assume no obligation to revise or supplement this opinion after the date of effectiveness should the present laws of the State of New York or the State of Delaware be changed by legislative action, judicial decision or otherwise after the date hereof.
We hereby consent to the reference to our firm under the caption “Validity of Securities” in the Prospectus, which forms a part of the Registration Statement, and to the filing of this opinion with the Commission as an exhibit to the Registration Statement. In giving this consent, we do not thereby admit that we are experts within the meaning of Section 11 of the Act or included in the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the Commission.
Very truly yours,
/s/ Katten Muchin Rosenman LLP
KATTEN MUCHIN ROSENMAN LLP


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