Beard Energy Transition Acquisition and Suntuity Renewables announced today that they have mutually agreed to terminate their business combination agreement. As a result, the SPAC has cancelled a Nov. 29 shareholders meeting to consider a deadline extension. Instead, the SPAC plans to redeem shares and dissolve by Dec. 12.
The per-share redemption price will be approximately $10.74.
Suntuity is one of the largest end-to-end residential solar companies in the country with over 9,500 residential systems installations across 25 states as of April.
The deal with Beard Energy Transition was announced in May at a pro forma enterprise value of $249 million. About a week later, redemptions on an extension vote claimed about 80% of the $200 million raised in the SPAC’s November 2021 IPO. Read more.
