Big Rock Partners (BRPA) Releases Extension Vote #4 Info
by Kristi Marvin on 2020-03-24 at 8:29am

Early this morning, Big Rock Partners Acquisition Corp. (BRPA), released the details of their shareholder vote to approve moving their extension deadline to July 23, 2019, from March 23, 2020.  The extension was approved and 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 $11,610.56

Per the 8-K, 2,433,721 shares of the Company’s common stock elected to redeem, which resulted in approximately $26.1 million (at an estimated $10.71 per share) being removed from the Trust Account. Furthermore, approximately 580,528 public shares will remain issued and outstanding, which means that the Trust Account is now currently estimated to hold $6.217 million, down from their estimated $32.3 million held in trust before the vote.

BRPA now has four months to announce and close a deal, so hopefully we’ll all be in a much improved situation by then. Additionally, a significantly reduced amount of cash in trust could possibly work for them, not against, since now BRPA can potentially arrange additional financing to replace any needed cash for a transaction (and at a price below $10.00). The question is, will there be an institutional appetite in this new world?  And by July 23rd? We’re all going to have to wait and see.

You can review the results of the vote HERE.

 

 

Recent Posts
by Nicholas Alan Clayton on 2024-03-29 at 7:38am

At the SPAC of Dawn On a day when the US markets are closed, there’s always a chance of SPAC actions sliding by as the SEC has left its EDGAR filing system open. Right on cue, Welsbach Technology (NASDAQ:WTMA) filed that it had come to a definitive agreement with battery production technology firm Evolution Metals....

by Nicholas Alan Clayton on 2024-03-28 at 1:35pm

News and Rumors PR: Bannix (NASDAQ:BNIX) has provided more information on the combination with VisionWave that it announced yesterday, specifying that the imaging technology that VisionWave will acquire from GBT Technologies will primarily seek out applications in military combat scenarios and geological surveys. PR: Grove Collaborative (NYSE:GROV), which combined with Virgin Group II in June...

by Nicholas Alan Clayton on 2024-03-28 at 7:47am

At the SPAC of Dawn Fed Chair Jerome Powell has given new hints that the administration would be showing greater levels of comfort with inflation if a cut could help improve unemployment numbers. Those numbers could get an update today at 8:30 am ET to bring new jobless claims as well as final prices for...

by Nicholas Alan Clayton on 2024-03-27 at 1:31pm

News and Rumors CNBC: Former WeWork (OTC Pink:WEWKQ) founder Adam Neumann has offered to buy back control of the company for $500 million but has yet to secure the necessary financing. WeWork went public with BowX in October 2021. PR: Satellite telecom firm Spire Global (NYSE:SPIR) has signed an agreement to build and launch two...

by Nicholas Alan Clayton on 2024-03-27 at 11:38am

Bannix (NASDAQ:BNIX) has entered into a definitive agreement to combine with VisionWave Technologies for $30 million. The combined company is expected to trade on the Nasdaq once the deal is completed with an initial outside date of September 14. Transaction Overview Bannix has about $17 million in its trust after seeing 77.4% of its shares...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved