Banyan Acquisition Corporation announced a private placement of unsecured promissory notes for gross proceeds of up to $1,000,000 on June 1, 2023. The notes do not bear interest and mature upon closing of the company?s initial business combination. In the event that the company does not consummate a business combination, the notes will be repaid only from amounts remaining outside of the company?s trust account, if any. Up to $750,000 of the total principal amount of each note may be converted, in whole or in part, at the option of the lender into warrants of the company at a price of $1.00 per warrant, which warrants will be identical to the private placement warrants issued to Banyan Acquisition Sponsor LLC, the company?s sponsor, at the time of the initial public offering of the company.

On the same date, Banyan Acquisition Corporation closed the transaction. The company received $100,000 in the transaction. The transaction included participation from Jerry Hyman and Keith Jaffee.