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Stock Alert: Big Rock Partners Up 7% On Merger Deal With NeuroRx

Shares of Big Rock Partners Acquisition Corp. (BRPA) are currently gaining about 7% after the special purpose acquisition company announced merger with NeuroRx Inc.

BRPA is currently trading at $12.56, up $0.81 or 6.89%, on the Nasdaq.

Big Rock Partners Acquisition said it has entered into mearger deal with NeuroRx, a clinical stage, small molecule pharmaceutical company. NeuroRx develops novel therapeutics for the treatment of COVID-19 and Bipolar Depression.

As per the agreement, Big Rock and NeuroRx will merge and the company is expected to continue to trade on the Nasdaq under the symbol "NRXP." The transaction is expected to occur in the first or second quarter of 2021.

The combined company will have an estimated post-transaction equity value in excess of $500 million.

NeuroRx expects the deal to increase access to capital to continue development of its innovative drug pipeline targeting Central Nervous System/Psychiatry and Respiratory Disease.

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