After the Closing Bell: BRPA Vote Results, LOAC & STNL

The week’s not over yet…read below for this afternoon’s notable SPAC filings news.

BIG ROCK PARTNERS ACQUISITION CORP. (BRPA)

This afternoon, Big Rock Partners Acquisition Corp. (BRPA), released the details of their shareholder vote to approve their new extension deadline from November 22, 2019 to March 23, 2020.  In connection with this vote, the holders of 919,091 shares opted to redeem at a conversion price of approximately $10.59 per share, for an aggregate conversion amount of approximately $9,733,174.  BRPA had approximately $41,654,070 held in trust at the vote, so approximately $31,920,986 remains post-vote.

Additionally, the sponsors will be contributing $0.02 for each public share that was not converted in connection with the Extension, or an aggregate of $60,284.58, for the first monthly extension period. The Company now has until December 23, 2019 to consummate an initial business combination, or determine to deposit additional funds into the trust account for up to three more monthly extension periods, or four monthly extensions in total.

RESULTS

LONGEVITY ACQUISITION CORP. (LOAC)

As expected, Longevity Acquisition Corporation (LOAC), announced this afternoon that it has contributed an additional $400,000 to their trust account, representing $0.10 per public share, to extend their deadline three months to February 28, 2020.

If you recall, Longevity IPO’d on August 29, 2018 and had 12 months to close their combination.  They previously deposited $400,000 for their first extension to November 28, 2019, and this new contribution of $400,000 will be their second extension.  They can extend for a third 3-month extension, but any additional extensions after that will need to go to a shareholder vote.

SENTINEL ENERGY SERVICES INC. (STNL)

Sentinel Energy Services Inc. (STNL), which recently announced its liquidation on November 6th, filed a definitive proxy for its Warrant amendment proposal this afternoon.  Sentinel will be asking Warrant Holders to vote on a proposal to approve an amendment to the Warrant Agreement whereby Sentinel will automatically convert the Public Warrants into the right to receive $0.02 per whole Public Warrant.

Additionally, the Sponsor has agreed to forfeit all of their 5,933,333 Private Placement Warrants and 90% of the 8,550,000 founder shares.  So if the Warrant amendment is approved and the warrants are converted for cash, that makes Sentinel a squeaky clean shell.

Approval of the Warrant Amendment Proposal requires the affirmative vote of 50% of the Company’s outstanding Public Warrants

BONUS: LEGACY ACQUISITION CORP. (LGC)

Legacy Acquisition Corp. (LGC), filed a definitive proxy this afternoon, but not for a vote to approve its business combination with Blue Impact.  Unfortunately, it’s just to elect three Class I Directors and ratify the appointment of WithumSmith+Brown, PC as their auditors.  However, because we now know that this vote will take place on December 31st, that means we will not be seeing their business combination close in 2019.

Legacy has the ability to take five more 30-day extensions for a contribution of $0.03 per public share, with their final deadline (if all extensions are taken) of May 21, 2020.