Full Press Release Details
Big Rock Partners Acquisition Corp. Announces Extension of Time to
Consummate Business Combination
NEW YORK, NY / ACCESSWIRE / February 22, 2019 / Big Rock Partners Acquisition Corp. (NASDAQ:
BRPA) (the "Company" or "Big Rock Partners") today announced that
its sponsor, Big Rock Partners Sponsor, LLC, has extended the
deadline by which the Company must complete a business combination
by three months, from February 22, 2019 to May 22, 2019. In order
to fund the $690,000 deposit required to allow for such extension,
the Company has obtained a loan from BRAC Lending Group LLC
evidenced by a non-interest bearing promissory note that is payable
upon the consummation of a business combination by the Company. If
the Company fails to consummate a business combination, the
outstanding debt under the promissory note will be forgiven, except
to the extent of any funds held outside of the Company's trust
account after paying all other fees and expenses of the
About Big Rock Partners Acquisition Corp.
Big Rock Partners is a
blank check company formed for the purpose of entering into a
merger, stock exchange, asset acquisition, stock purchase,
recapitalization, reorganization, or other similar business
combination with one or more businesses or entities. Big Rock
Partners' management team includes Richard Ackerman, Chairman,
President, and Chief Executive Officer, Lori Wittman, Chief
Financial Officer and Treasurer, and Bennett Kim, Chief Investment
Officer and Corporate Secretary.
Forward-Looking Statements:
This press release includes forward-looking statements that involve
risks and uncertainties. Forward-looking statements are statements
that are not historical facts. Readers are cautioned not to place
undue reliance on these forward-looking statements, which are based
on our expectations as of the date of this press release and speak
only as of the date of this press release and are advised to
consider the factors under the heading "Forward-Looking Statements"
and "Risk Factors" in the Company's Annual Report on Form 10-K for
the year ended December 31, 2017, as may be supplemented or amended
by the Company's Quarterly Reports on Form 10-Q and other filings
with the SEC. The Company expressly disclaims any obligations or
undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in the Company's expectations with respect thereto or any change in
events, conditions or circumstances on which any statement is
based, except as required by law.
Big Rock Partners Acquisition Corporation
SOURCE: Big Rock Partners