Beam Global Terminates Previously Announced Acquisition Of Norwegian Drone Technology Maker ScoutDI
Benzinga Newsdesk 1 hour ago
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The transaction did not close by the agreed long-stop date of November 4, 2026, as a result of current unfavorable conditions in the U.S. public markets. No fees, penalties, or other financial liabilities for either
The transaction did not close by the agreed long-stop date of November 4, 2026, as a result of current unfavorable conditions in the U.S. public markets. No fees, penalties, or other financial liabilities for either party are due as a result of the termination.
ScoutDI will continue as an independent company under its current ownership and management.
"ScoutDI is an excellent company with an excellent team and equally excellent products. They are currently exceeding our initial performance expectations developed when we first contemplated a business combination with them," said Beam Global’s Chairman and CEO, Desmond Wheatley. "However, we do not believe that the current U.S. public market conditions, particularly for micro caps, are favorable for this acquisition at this time."