Beam Global filed a Form 8-K on November 6, 2026, disclosing the termination, effective November 5, 2026, of its Share Sale and Purchase Agreement to acquire Norwegian drone company ScoutDI AS.

Key Highlights

  • Agreement terminated: The Share Sale and Purchase Agreement dated October 6, 2026, to acquire all issued and outstanding shares of ScoutDI AS was terminated effective November 5, 2026.
  • Reason cited: According to the filing, "current unfavorable conditions in the U.S. public markets" led the Company and the Sellers' Representative to determine not to extend the closing date.
  • No financial penalty: The Purchase Agreement does not provide for a termination fee, and neither party will be required to pay one.
  • No consideration exchanged: The filing states no cash will be paid and no shares of Beam Global common stock will be issued to the Sellers.
  • Costs: Each party will bear its own costs and expenses incurred in connection with the Purchase Agreement and the Transaction.
  • Future collaboration possible: The Company and ScoutDI disclosed they "intend to explore opportunities to work together through alternative arrangements," including potential drone manufacturing for the U.S. market and distribution to industrial and defense customers, though no definitive agreement has been entered into.

Beam Global and ScoutDI AS: Details of the Terminated Acquisition

Beam Global (NASDAQ:BEEM), headquartered in San Diego, California, reported in its November 6, 2026 Form 8-K that it has terminated a previously announced agreement to acquire ScoutDI AS, a Norwegian private limited liability company. The original Share Sale and Purchase Agreement, dated October 6, 2026, had been disclosed in a prior Form 8-K filed on October 7, 2026. Under that agreement, Beam Global had agreed to acquire all issued and outstanding shares of ScoutDI from the identified Sellers, with Husteli AS serving as the Sellers' Representative.

According to the filing, the Purchase Agreement contained a provision permitting either party to terminate if closing had not occurred by November 4, 2026, subject to certain exceptions. The closing did not occur by that date. The filing states that due to "current unfavorable conditions in the U.S. public markets," the Company and the Sellers' Representative chose not to extend the closing deadline. Written notices terminating the agreement were delivered by both sides on November 5, 2026, with the termination taking effect immediately.

The filing notes that certain provisions of the Purchase Agreement survive the termination, including those relating to confidentiality, notices, expenses, governing law, and arbitration. Separately, the Company disclosed that it and ScoutDI intend to explore alternative commercial arrangements, potentially including the manufacture of ScoutDI's drone systems for the U.S. market and distribution of ScoutDI's drone and software products across Beam Global's global network. The filing cautions that no definitive agreement on any such arrangement has been reached, and contains forward-looking statements the Company notes are subject to risks described in its most recent Annual Report on Form 10-K and subsequent filings with the SEC.

What Was Disclosed

Beam Global disclosed the termination of its October 6, 2026 agreement to acquire ScoutDI AS, citing unfavorable U.S. public market conditions. No termination fee applies, no consideration will change hands, and the parties may explore alternative commercial arrangements.