Suntuity Renewables and the blank check company with which it had previously entered into a merger agreement have opted to cancel the planned merger, thereby negating the prospects of the U.S.-based residential solar firm going public on the New York Stock Exchange.
Beard Energy Transition Acquisition Corp announced on Monday the termination of the business combination agreement, a decision reached through mutual consent.
The cancellation, according to BRD, is rooted in various considerations, encompassing challenging market conditions, the trading performance of peer companies, and a careful evaluation of the merits and demerits associated with becoming a publicly traded entity in the current landscape.
In May, BRD had initially disclosed a deal to acquire Suntuity at a pre-money equity valuation of USD 190 million (EUR 173.5 million). With the dissolution of the agreement, the special purpose acquisition company (SPAC) has determined to proceed with liquidation, and its shares are slated to cease trading on December 11, as outlined in the statement issued on Monday.
