As expected, Big Rock Partners Acquisition Corp. (BRPA), has extended their completion deadline by three months to February 22, 2019. Big Rock, which IPO’d back on November 20th of 2017, had only twelve months to complete their business combination and given the time crunch, will deposit $690,000 into the trust (or $0.10 per share) as required to qualify for the extension period.
Furthermore, if Big Rock Partners needs an additional three months to extend even further to May 22nd, another deposit of $690,000 ($0.10 per share) will once again be required.
As a reminder, Big Rock Partners intends to focus on businesses in the senior housing and care industry in the United States and is a 100% in trust SPAC. The unit is comprised of one share of common stock, one-half of one warrant and one right to receive one-tenth (1/10) of one share of common stock upon the consummation of an initial business combination.
You can find the original press release HERE.