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.
| FOR | AGAINST | ABSTAIN | BROKER NON-VOTES |
| 4,935,105 | 300,001 | 0 | 0 |
D and Z Media Acquisition Corp. (NYSE:DNZ) announced this afternoon that its special meeting, originally scheduled for 12:00 p.m. today, was convened and then adjourned, without conducting any business, to 1:30 p.m. on December 19. As of now, DNZ has a completion deadline of January 28, 2023, but is hoping to seek shareholder approval to add an extra...
EDOC Acquisition Corp. (NASDAQ:ADOC) has entered into a definitive agreement to combine with food oil processing company Australian Oilseeds at an enterprise value of $190 million. Australian Oilseeds manufactures food-grade, edible oils through several subsidiaries. Transaction Overview EDOC has an estimated $21.3 million in its current trust after seeing about 77.5% redemptions in extension votes....
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Buzzfeed cuts 12% of staff, and ASIG plans to expand through acquisition upon completion of SPAC BuzzFeed cuts 12% of staff citing worsening econ conditions Digital media company BuzzFeed (NASDAQ:BZFD) is cutting 12%...
What is your life insurance policy worth while you’re still living? This week, we speak with Abacus Life President and CEO Jay Jackson who may just want to buy yours. Abacus Life has made a business of buying consumer life insurance policies for upfront payments and holding them until maturity. To help bring this particular kind of transaction...
Golden Falcon (NYSE:GFX) has entered into a definitive agreement to combine with freight aviation company MNG Airlines at an enterprise value of $676 million, or 5.8x its LTM adjusted EBITDA. Istanbul-based MNG Airlines operates air freight services to four continents with a fleet of nine jets. The combined company is expected to trade on the...