Sentinel Energy Services (STNL) Announces Liquidation
Sentinel Energy Services (STNL), announced this morning that it has canceled its special meeting of stockholders that was scheduled for today, November 6, 2019, and will redeem all of its outstanding shares of Class A common stock (the “public shares”), effective as of the close of business on November 7, 2019.
The Company anticipates that the public shares will cease trading as of the open of business on November 8, 2019 in order to allow time for the settlement of trades. As of the close of business on November 7, 2019, the public shares will be deemed cancelled and will represent only the right to receive the Redemption Amount.
Sentinel, which raised $345 million at their IPO on November 2, 2017, had a top-notch team, but it appears they ran out of time. Sentinel’s prior announced definitive agreement with Strike Capital LLC, which was announced last October, was unfortunately mutually terminated earlier in February, 2019, by both parties citing market conditions. This is unfortunate, but it’s a good reminder that liquidations can and do still happen.
This marks this year’s third liquidation following Vantage Energy (also an energy-focused deal) and Saban Capital.