Beard Energy Transition Acquisition Corp. (NYSE:BRD) entered into a definitive agreement to acquire Suntuity Renewables LLC on May 18, 2023. Upon closing of the transaction, the combined company will be named ?Suntuity Inc.?

(?New Suntuity?), and its Class A common stock and warrants are expected to be listed on the New York Stock Exchange under the new ticker symbols ?STY? and ?STY.WS,? respectively.

Pursuant to the business combination agreement, Beard will acquire Suntuity for a pre-money equity value of $190 million. In connection with the transaction, the combined company, New Suntuity, will issue 19.0 million new shares to current members of Suntuity. Existing Suntuity members will exchange 100% of their equity interests in Suntuity for equity in New Suntuity.

Cash proceeds will consist of cash from Beard?s trust account after redemptions by Beard?s public stockholders. In connection with the transaction, Suntuity has also already raised $15 million in funded debt financing. Upon closing of the transaction, Suntuity?s senior management are expected to continue to serve in their existing roles.

Current Suntuity members are expected to own approximately 40% of the combined company at close of the transaction, assuming no redemptions by Beard?s public stockholders. The business combination has been unanimously approved by the boards of directors of both Beard and Suntuity and is expected to close in the fourth quarter of 2023, subject to regulatory and stockholder approvals and other customary closing conditions. Vinson & Elkins L.L.P. is serving as legal advisor to Beard.

ROTH Capital Partners is serving as Financial advisor, and Loeb & Loeb LLP is serving as legal advisor to Suntuity.