There tends to be multiple ways to achieve the same outcome when coding. Version 2, using the concatenation operator ('.') Is best [ref a]
echo $company[0]." ".$regtype[0]."<br />";
Rationale:
Using the concatenation operator makes the intentention clear and code more expressive.
Version 1 relies on PHPs string interpolation [B]. Many other languages do not have an equivalent. So using the concatenation makes it easier to transfer between languages. It also makes it easier for non PHP programmers to read the code.
Version 2 exposes the variables in a more transparent way to string functions like trim [ref C]
String interpolation only works for heredocs syntax and double quotes [ref D]. This is easy to forget and cause syntax errors.
Note:
On a side note. I have labelled your examples versions rather than methods to stop any confusion with the term method in OOP [ref E] and also as synonym for function (see Ref F]
References
A. https://www.php.net/manual/en/language.operators.string.php
B. https://phppot.com/php/variable-interpolation-in-php/
C. https://www.php.net/manual/en/ref.strings.php
D. https://phppot.com/php/variable-interpolation-in-php/. Also mentioned in comments to the question by @mojo allmighty
E.
https://en.m.wikipedia.org/wiki/Method_(computer_programming)#:~:text=A%20method%20in%20object%2Doriented,any%20of%20its%20various%20consumers.
F. https://www.php.net/manual/en/functions.user-defined.php