This afternoon, Big Rock Partners Acquisition Corp. (BRPA), released the details of their shareholder vote to approve their extension deadline to August 22, 2019, from May 22, 2019. Big Rock has extended twice now, for $0.10 for each 3-month extension, however, this time around they will be extending for $0.02 per month for the next three months, or an aggregate of $95,604.50 each month.
Per the 8-K, holders of 2,119,772 shares of the Company’s common stock exercised their right to convert their shares into cash at a conversion price of approximately $10.43 per share, for an aggregate conversion amount of $22,099,233.09. That means there is approximately $42,627,476 left in trust, but the additional $95,604.50 was also added to the trust as of today.
Big Rock now has an extra three months to announce a deal and close, but three months is tight so unless they announce something ASAP, another extension is most likely in their future.