Pinstripes (PNST) Registration Filing summary

Company overview and business model

• Operates experiential dining and entertainment venues combining Italian-American cuisine with bowling, bocce, and private events across 18 locations in 10 states and Washington D.C. as of January 2025.

• Generates revenue from dining, entertainment activities, private events, and off-site catering, with average unit volumes of $8.6 million for the fiscal year ended April 28, 2024.

• Focuses on large-format venues (26,000–38,000 sq. ft.) with capacity for over 900 guests and multiple event spaces.

Financial performance and metrics

• As of January 29, 2025, 41,212,355 shares of Class A Common Stock were outstanding; full warrant exercise would increase this to 65,197,355 shares.

• Closing price of Class A Common Stock was $0.460 per share on January 29, 2025, with Public Warrants at $0.008.

• Average unit volumes reached $8.6 million for the fiscal year ended April 28, 2024.

Use of proceeds and capital allocation

• Will receive proceeds only from cash exercise of warrants, not from resale by selling securityholders.

• Aggregate potential proceeds from full warrant exercise are approximately $12.2 million, intended for business growth, new locations, and general corporate purposes.

• Warrants are currently out of the money, making near-term cash inflow from exercises unlikely unless share price increases significantly.