8-K
filed May 30, 2023, 7:59 PM ET
CIK 0001847351
other material
confidence high
sentiment negative
materiality 0.80
SPAC shareholders approve extension to 25 months; ~$165.7M redeemed (55% of shares)
Beard Energy Transition Acquisition Corp.
- Stockholders approved extension of business combination deadline to 25 months from IPO closing (was 18/21 months).
- 15,872,896 shares redeemed for ~$165.7M ($10.44/share), reducing trust account by over half.
- Suntuity agreed to deposit $160,000/month into trust starting June 30, 2023, via a non-interest promissory note.
- Extension and trust amendment proposals each received 24,295,546 votes for, 264,645 against.
- Trust account balance after redemptions will support ongoing operations and the pending Suntuity combination.
Key facts
Extracted from this filing and checked against the source text.
Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.9
Beard Energy Transition Acquisition Corp.: Extended the business combination deadline from 18/21 months to 25 months from IPO and included other non-substantive charter changes (effective 2023-05-25).
- Change
- charter amendment
- Effective
- 2023-05-25
Exact text from the filing
On May 25, 2023, the stockholders of the Company approved the Second Amended and Restated Certificate of Incorporation (the “A&R Charter”) at the Special Meeting. The A&R Charter (i) extends the date by which the Company must complete a business combination (the “Extension”) from 18 months (or 21 months if the Company chooses to exercise its option to extend the date by an additional three months (the “Extension Option”)) to 25 months from the closing of the Company’s initial public offering (with no Extension Option) or such earlier date as determined by the Company’s board of directors (the “Board”) and (ii) reflects certain other non-substantive changes to the Company’s charter.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Beard Energy Transition Acquisition Corp. entered into Amended and Restated Investment Management Trust Agreement with Beard Energy Transition Acquisition Holdings LLC and Continental Stock Transfer & Trust Company (effective 2023-05-26).
- Action
- entry
- Counterparty
- Beard Energy Transition Acquisition Holdings LLC and Continental Stock Transfer & Trust Company
- Effective
- 2023-05-26
Exact text from the filing
he Special Meeting, the stockholders of the Company approved the Amended and Restated Investment Management Trust Agreement, by and between the Company, Beard Energy Transition Acquisition Holdings LLC (“OpCo”) and Continental Stock Transfer & Trust
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.95
Beard Energy Transition Acquisition Corp. shareholders approved Trust Amendment Proposal at the 2023-05-25 meeting.
- Outcome
- passed
- Meeting
- 2023-05-25
Exact text from the filing
The Trust Amendment Proposal, as set forth in the Proxy Statement, was approved. The voting results were as follows: Votes For Votes Against Abstentions 24,295,546 264,645 0
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.95
Beard Energy Transition Acquisition Corp. shareholders approved Extension Amendment Proposal at the 2023-05-25 meeting.
- Outcome
- passed
- Meeting
- 2023-05-25
Exact text from the filing
The Extension Amendment Proposal, as set forth in the Proxy Statement, was approved. The voting results were as follows: Votes For Votes Against Abstentions 24,295,546 264,645 0
View on SEC.gov
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