Beard Energy Transition Acquisition, a blank check company targeting electric power grid opportunities, lowered the proposed deal size for its upcoming IPO on Friday.
The New York, NY-based company now plans to raise $200 million by offering 20 million units at $10. The company had previously filed to offer 25 million units at the same price. Each unit now consists of one share of common stock and one-half of a warrant, exercisable at $11.50. Each unit previously contained one-third of a warrant. At the revised deal size, Beard Energy Transition Acquisition will raise -20% less in proceeds than previously anticipated.
The company is led by CEO and Chairman Gregory Beard, who previously served as Global Head of Natural Resources and Senior Partner at Apollo Global Management. Beard Energy Transition Acquisition intends to focus on electric power grid opportunities associated with energy transition infrastructure buildout. Specifically, it plans to seek out opportunities to optimize the supply and demand sides of the electrical power grids supplied by intermittent renewable energy.
Beard Energy Transition Acquisition was founded in 2021 and plans to list on the NYSE under the symbol BRD.U. Citi is the sole bookrunner on the deal.
