Beard energy Transition Acquisition today cancelled the stockholders meeting originally scheduled for tomorrow. As a result, the SPAC said it will not complete any redemption of shares. Any shares already submitted for redemption will be returned to stockholders promptly, according to the announcement.
Beard Energy intends to continue to seek a merger target prior to its scheduled termination date on May 29, or Aug. 29 if the SPAC chooses to exercise its option for a three-month extension.
Beard Energy in a proxy filing earlier this month called a Feb. 1 meeting for shareholders to vote on a plan to extend the merger deadline as far back as February 2024, which would be 27 months after the SPAC's IPO. Had the measure been put to a vote and approved, the sponsor was prepared to sweeten the trust with about $2.3 million (10 cents a share).
Beard Energy raised $200 million in its November 2021 IPO to focus on companies engaged in clean tech and renewable energy. Read more.
Source: Beard Energy Transition Acquisition Cancels Extension Vote