Banyan Acquisition Sponsor LLC 4
4 · Banyan Acquisition Corp · Filed Dec 21, 2023
Insider Transaction Report
Form 4
Banyan Acquisition Sponsor LLC
DirectorOther
Transactions
- Conversion
Class B Common Stock
2023-12-20−4,900,000→ 195,375 totalExercise: $0.00→ Class A Common Stock (4,900,000 underlying) - Conversion
Class A Common Stock
2023-12-20+4,900,000→ 6,900,000 total
Footnotes (2)
- [F1]In accordance with the amended and restated certificate of incorporation of Banyan Acquisition Corporation ("Banyan"), as amended, Banyan Acquisition Sponsor LLC ("Sponsor") elected to convert 4,900,000 shares of Class B Common Stock into shares of Class A Common Stock on a one-for-one basis for no consideration.
- [F2]Pursuant to the amendment to the amended and restated certificate of incorporation of Banyan that became effective on April 21, 2023, the shares of Class B Common Stock held by the Sponsor became convertible into shares of Class A Common Stock at any time at the Sponsor's election on a one-for-one basis. The shares of Class B Common Stock also automatically convert into shares of Class A Common Stock at the time of the closing of Banyan's initial business combination on a one-for-one basis and have no expiration date.