Beard Energy Transition Acquisition said shareholders approved a deadline extension that would give the SPAC until the end of December to close a deal. Beard Energy last week announced a meger agreement with Suntuity Renewables, one of the largest end-to-end residential solar companies in the country with over 9,500 residential systems installations across 25 states.
Stockholders redeemed 15,872,896 shares ahead of the extension vote, the SPAC said, or about 80% of the $200 million raised in its November 2021 IPO.
At deal announcement, terms called for Beard to acquire Suntuity for a pre-money equity value of $190 million.
For each month required under the new extension, the sponsor agreed to deposit $160,000. Read more.
