Pinstripes (NYSE:PNST) stock is sliding lower on Wednesday after the dining and entertainment company’s shares made their public debut on Tuesday.
Shares of PNST stock closed out its first day of trading up 6.5% after seeing some turbulence earlier that day. However, the company’s shares are now falling again, with an 11.8% drop on Wednesday morning.
It’s not uncommon to see new stocks experience volatility after going public. That’s especially true for those that do so through a special purpose acquisition company (SPAC) merger such as Pinstripes.
Details of the PNST Stock SPAC Merger
Shares of PNST stock started trading on Tuesday after the company completed a SPAC merger with Banyan Acquisition. That merger was completed on Dec. 27, 2023.
The SPAC merger saw shares of Pinstripes stock debut at $10.90 on Tuesday. The company also maintains its management team from before the merger now that it’s public and has raised $70 million through the SPAC merger for its operations.
Pinstripes focuses on offering food and entertainment via large venues. It currently operates 14 of these in the U.S., and it focuses on offering Italian-American food and beverages. These locations can support groups of 20 to 1,5000 people for private events, Nation’s Restaurant News notes.
Investors looking for more of the latest stock market stories are going to want to stick around!
We have all of the hottest stock market news investors need to know about on Wednesday! That includes everything happening with shares of Flex (NASDAQ:FLEX) stock, Trinity Place (NYSEMKT:TPHS) stock and Dyne Therapeutics (NASDAQ:DYN) stock today. All of that info is ready to go at the following links!
More Stock Market News for Wednesday
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
