Beard Energy Transition Acquisition Corp. Announces Closing of $230,000,000 Initial Public Offering, Including Full Exercise of Underwriter’s Option to Purchase Additional Units
NEW YORK–(BUSINESS WIRE)–Beard Energy Transition Acquisition Corp. (the “Company”) announced the closing of its initial public offering (the “IPO”) of 23,000,000 units at a price of $10.00 per unit on November 29, 2021. This includes the exercise in full by the underwriter of its option to purchase up to an additional 3,000,000 units. The units are listed on the New York Stock Exchange (the “NYSE”) and trade under the ticker symbol “BRD U”. Each unit consists of one share of the Company’s Class A common stock and one-half of one redeemable warrant, with each whole warrant entitling the holder thereof to purchase one share of the Company’s Class A common stock at an exercise price of $11.50 per share, subject to adjustment. Once the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be listed on the NYSE under the symbols “BRD” and “BRD WS,” respectively.
Citigroup Global Markets Inc. is acting as sole book running manager for the offering.
The public offering was made only by means of a prospectus. Copies of the prospectus may be obtained from Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at 1-800-831-9146.
A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on November 23, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Beard Energy Transition Acquisition Corp.
Beard Energy Transition Acquisition Corp. is a newly organized blank check company incorporated as a Delaware corporation and formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or assets. The Company’s efforts to identify a prospective target business will not be limited to a particular industry, although it intends to target high growth businesses focused on enhancing electric power grid reliability and resiliency through the energy transition infrastructure buildout.
Forward Looking Statements
This press release contains statements that constitute “forward-looking statements,” including with respect to the IPO. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the Company’s offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
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