Big Rock Partners Acquisition Corp. (NASDAQ:BRPA) filed an 8-K this afternoon showing that its shareholders had approved extending its transaction deadline to April 23, 2021.
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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