# If you'd like to omit non-matching lines from the result; add ';d' to the end of the expression.
sed -E 's/(?i)\b([1-9][0-9]{3} ?[a-z])[a-z]* +([a-z])[a-z]*/\1\2/gm;t' <<< "1234 Alpha Bee"
Please keep in mind that these code samples are automatically generated and are not guaranteed to work. If you find any syntax errors, feel free to submit a bug report. For a full regex reference for SED, please visit: https://www.gnu.org/software/sed/manual/html_node/The-_0022s_0022-Command.html