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 D.C. as of November 2024.

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

• Focuses on large-format venues (26,000–38,000 sq. ft.) with high guest capacity and multiple event spaces.

• Growth strategy centers on disciplined site selection, new venue openings, and increasing same-store sales.

• Strategic partnerships with major real estate developers provide access to premium locations and significant tenant improvement funding.

Financial performance and metrics

• Fiscal year ended April 28, 2024 revenue: $118.7 million, up 6.7% from $111.3 million in prior year.

• Net loss for fiscal 2024: $(6.8) million, improved from $(7.5) million in fiscal 2023.

• Same store sales growth for fiscal 2024: 3.0%.

• Store labor and benefits: $44.0 million (37.1% of revenue) in fiscal 2024.

• Cash and cash equivalents as of October 13, 2024: $3.2 million; negative working capital and substantial doubt about ability to continue as a going concern.

• Total indebtedness as of October 13, 2024: $84.1 million.

Use of proceeds and capital allocation

• No proceeds from the resale of shares by selling securityholders; company will receive up to $2,040 if all Oaktree Tranche 2 and Silverview Tranche 3 Warrants are exercised for cash.

• Any proceeds from warrant exercises will be used for general corporate purposes.

• Ongoing capital needs for new venue development, working capital, and general corporate purposes.