Additionally, Big Rock tallied zero redemptions in connection with the move, despite what would normally be an attractive redemption rate of $10.78.
Four days ago, Big Rock announced a definitive combination agreement with NeuroRx. It is a biopharmaceutical firm working to secure regulatory approval for a potential COVID-19 therapy that could increase recovery times from respiratory failure.
This news pushed the company’s stock up to $13.79 on the morning of its redemption deadline and it opened today at $15.70. However, being fairly “low-float” might have been a contributing factor.
Big Rock initially listed in November 2017, and as such has had to extend its deadline five times before, resulting in 92% of its original shares redeeming. It has structured its deal with NeuroRx with an incentive structure strongly tied to it crossing regulatory benchmarks with its COVID-19 treatment.
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