Big Rock Partners (BRPA) Releases Extension Vote Info

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Big Rock Partners (BRPA) Releases Extension Vote Info

Aug 23, 2019 INTEL by SPACInsider

Early this afternoon, Big Rock Partners Acquisition Corp. (BRPA), released the details of their shareholder vote to approve their extension deadline to November 22, 2019, from August 22, 2019.  As a result, the Company’s Sponsor will be contributing $0.02 to the trust account per month for each public share that was not redeemed, or $78,666.80

Per the 8-K, 846,888 shares of the Company’s common stock elected to redeem, which resulted in approximately $8.9 million (at an estimated $10.49 per share) being removed from the Trust Account. Furthermore, approximately 3,933,340 public shares will remain issued and outstanding, which means that the Trust Account is now currently estimated to hold $41.3 million, down from their estimated $50.2 million held in trust before the vote.

If you recall, BRPA has extended three times previously:  twice for $0.10 for each three-month extension and once for $0.02 per month for a third three-month extension. Today’s fourth extension is for $0.02 per month as well, which if they extend for the full three months to November 22nd, will mean BRPA will have contributed $0.32 total to the trust to extend their deadline for one year.

Three months is a tight window to announce and close a deal, so will they need to extend even further?  Remains to be seen.  However, if they do not announce something shortly, there is a possibility this SPAC opts to liquidate rather than indefinitely having to contribute additional funds to the trust.  Let’s hope they bring a great deal instead.

You can review the results of the vote HERE, but a summary has also been provided below.

 

The Extension Amendment:

 

FORAGAINSTABSTAINBROKER NON-VOTES
4,935,105300,00100

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