Brief: Leading Residential Solar Provider Suntuity Renewables To Become A Public Company Through Business Combination With Beard Energy Transition Acquisition Corp

Beard Energy Transition Acquisition

19/05/2023 14:44

Beard Energy Transition Acquisition Corp  BRD.N :
    * LEADING RESIDENTIAL SOLAR PROVIDER SUNTUITY RENEWABLES TO
BECOME
A PUBLIC COMPANY THROUGH BUSINESS COMBINATION WITH BEARD ENERGY
TRANSITION ACQUISITION CORP
    * BEARD ENERGY TRANSITION ACQUISITION CORP- UPON CLOSING OF
DEAL,
SUNTUITY'S SENIOR MANAGEMENT ARE EXPECTED TO CONTINUE TO SERVE
IN THEIR EXISTING ROLES
    * BEARD ENERGY TRANSITION ACQUISITION CORP - BEARD WILL
ACQUIRE
SUNTUITY FOR PRE-MONEY EQUITY VALUE OF $190 MILLION
    * BEARD ENERGY TRANSITION ACQUISITION CORP - UPON CLOSING OF
TRANSACTION, COMBINED COMPANY WILL BE NAMED "SUNTUITY INC."
    * BEARD ENERGY TRANSITION ACQUISITION CORP- PRO FORMA
ENTERPRISE
VALUE OF COMBINED COMPANY IS EXPECTED TO BE $249 MILLION
    * BEARD ENERGY TRANSITION ACQUISITION - IN CONNECTION WITH
DEAL,
COMBINED CO, NEW SUNTUITY, TO ISSUE 19.0 MILLION NEW SHARES TO
CURRENT MEMBERS OF SUNTUITY
    * BEARD ENERGY TRANSITION ACQUISITION CORP- IN CONNECTION
WITH
TRANSACTION, SUNTUITY HAS ALSO ALREADY RAISED $15 MILLION IN
FUNDED DEBT FINANCING
    * BEARD ENERGY TRANSITION ACQUISITION - EXISTING SUNTUITY
MEMBERS
WILL EXCHANGE 100% OF EQUITY INTERESTS IN SUNTUITY FOR EQUITY IN
NEW SUNTUITY
    * BEARD ENERGY TRANSITION ACQUISITION - CURRENT SUNTUITY
MEMBERS
TO OWN ABOUT 40% OF COMBINED CO

Source text for Eikon:  ID:nBw1G6qcma 
Further company coverage:  BRD.N