Beard Energy Transition Acquisition Corp. and Suntuity Renewables Mutually Agree To Terminate Business Combination Agreement
Portfolio Pulse from Benzinga Newsdesk
Beard Energy Transition Acquisition Corp. (BRD) and Suntuity Renewables have mutually agreed to terminate their business combination agreement. Consequently, BRD will not proceed with the special meeting to extend the deadline for a business combination and intends to dissolve and liquidate. BRD will redeem all outstanding Class A common stock at approximately $10.74 per share, with the last trading day on December 11, 2023. BRD's warrants will expire worthless, and the company will cease operations after December 12, 2023, except for winding up its business. BRD will also delist from the NYSE and terminate the registration of its securities.
November 27, 2023 | 1:14 pm
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BRD will dissolve and liquidate, redeeming Class A shares at $10.74 each. The last trading day is set for December 11, 2023, and the stock will be suspended from trading the following day. Warrants will expire without value.
The termination of the business combination agreement and the decision to dissolve and liquidate will lead to the redemption of shares and the ceasing of trading, which will negatively impact the stock price and lead to the expiration of warrants without value. This is a definitive action with a clear negative impact on the stock's value.
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