Beard Energy Transition (BRD) and Berenson I (BACA) Cancel Extension Meetings
Beard Energy Transition (NYSE:BRD) and Berenson I (NYSE:BACA) announced this morning that they will be canceling their special meetings to extend transaction deadlines.
Beard Energy disclosed that it intends to withdraw from consideration by its stockholders the proposals set forth in the proxy. As a result of the cancellation, the company will not complete any redemptions previously elected by stockholders and any shares that were already submitted for redemption will be returned promptly. Beard Energy’s extension meeting was set to take place on February 1. However, Beard Energy did not intends to continue to seek a combination.
The SPAC announced the pricing of its $200 million IPO in November 2021, but hasn’t found a target company to combine with just yet. With a termination date of May 29, BRD intends to target high-growth businesses focused on enhancing electric power grid reliability and resiliency through the energy transition infrastructure buildout. But, it can still choose to exercise its option to extend its timeline by an additional three months, giving the company a new timeline of August 29.
As for Berenson, the company’s extension meeting was adjourned twice before today’s cancellation. Berenson’s team originally scheduled the special meeting for December 13, but postponed it to January 10 and then pushed it back to February 7. As a result of the cancellation, it will also withdraw from consideration by the stockholders the proposals set forth in the proxy.
Berenson announced the pricing of its $250 million IPO in September 2021 but has not yet announced a business combination. The company intends to combine with a business that is operating in the software and technology-enabled services sector with recurring revenue, the prospect for high free cash flow conversion at scale, and an enterprise value of at least $1 billion.
The SPAC currently has a completion deadline of March 30, but was seeking shareholder approval to extend it to September 30.