SPAC gets more time to conclude Suntuity acquisition

Beard Energy Transition Acquisition Corp (NYSE:BRD), the blank check company looking to acquire Suntuity Renewables, has earned more time to consummate its planned merger with the US residential solar firm.

The Special Purpose Acquisition Company (SPAC) said in a statement on Thursday that its stockholders voted to approve an extension amendment proposal in connection with the business combination.

The deadline by which BRD was initially supposed to finalise a transaction is May 29, 2023. According to prior announcements, the company’s extension option, if exercised, will push back the date by an additional three months to August 29, 2023.

Last Friday, BRD announced a deal to buy Suntuity at a pre-money equity value of USD 190 million (EUR 177m). The press release mentioned that the transaction is expected to close in the fourth quarter of the year.

(USD 1.0 = EUR 0.931)

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