Sentinel Energy Services announced this morning it has mutually terminated its transaction agreement with Strike Capital, LLC. The reason cited being market conditions.
The Energy sector has had a tough go of it since the Fall, so this announcement is somewhat unsurprising. The reality is, in order for the combination with Strike to make sense, Sentinel would have needed to re-price the deal and Strike probably wasn’t willing to do that. However, both sides are being smart by walking away rather than trying to push this transaction through, like Reebonz or Phunware.
The good news is, Sentinel still has until November 2019 to find a new target. That’s a solid nine months away. Let’s hope Sentinel comes back with a winner.
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