Special-purpose acquisition company Big Rock Partners Acquisition Corp. raised combined proceeds of $69.0 million from its upsized IPO and concurrent private placement.
The company concluded its IPO of 6.0 million units at $10.00 apiece, raising $60.0 million in gross proceeds. The underwriters also fully exercised their overallotment option to buy 900,000 more units at the same IPO price, for additional gross proceeds of $9.0 million.
Concurrently with the IPO closing, the company closed a private placement of 250,000 units at $10.00 apiece, bringing in $2.5 million in proceeds. The company also sold 22,500 additional placement units at the same private placement price, for additional proceeds of $225,000.
Following the IPO and private placement, Big Rock Partners Acquisition's sponsor, Big Rock Partners Sponsor LLC, reduced its ownership of common shares in the company to about 22.2% from 100%.
Big Rock Partners Acquisition said earlier that it will initially target a U.S. seniors housing and care business, following its IPO.
Richard Birdoff, Michael Fong, Stuart Koenig, Albert Rex and Troy Taylor were named to the company's board, joining Richard Ackerman and Lori Wittman, effective upon the trading of Big Rock Partners Acquisition's units on the Nasdaq Capital Market.
Big Rock Partners Acquisition said holders of the units may elect to separately trade the securities underlying the units, starting Dec. 1. Any units not separated will continue to trade on the Nasdaq Capital Market under the symbol BRPAU. Any underlying shares of common stock, warrants and rights that are separated are anticipated to trade on the Nasdaq Capital Market under the symbols BRPA, BRPAW and BRPAR, respectively.
Continental Stock Transfer & Trust Co. is the company's transfer agent.