{"id":769871,"date":"2023-07-13T19:55:42","date_gmt":"2023-07-13T23:55:42","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/broad-capital-acquisition-corp-confirms-funding-to-extend-period-to-consummate-initial-business-combination-to-august-13-2023\/"},"modified":"2023-07-13T19:55:42","modified_gmt":"2023-07-13T23:55:42","slug":"broad-capital-acquisition-corp-confirms-funding-to-extend-period-to-consummate-initial-business-combination-to-august-13-2023","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/broad-capital-acquisition-corp-confirms-funding-to-extend-period-to-consummate-initial-business-combination-to-august-13-2023\/","title":{"rendered":"Broad Capital Acquisition Corp Confirms Funding to Extend Period to Consummate Initial Business Combination to August 13, 2023"},"content":{"rendered":"
\n

\n Dallas, Texas, July 13, 2023 (GLOBE NEWSWIRE) — <\/strong>Broad Capital Acquisition Corp. (the \u201cCompany\u201d) (NASDAQ: BRAC, BRACR, BRACU), a special purpose acquisition company formed by Broad Capital LLC, today announced that on July 7, 2023 it caused to be deposited $150,000 (the \u201cExtension Payment\u201d) into the Company\u2019s trust account for its public stockholders, representing\u00a0$0.0332\u00a0per public share, allowing the Company to extend the period of time it has to consummate its initial business combination\u00a0from July 13, 2023 to August 13, 2023 (the \u201cMonthly Extension\u201d). The Monthly Extension is the seventh of the twelve monthly extensions permitted under the Company\u2019s governing documents.<\/p>\n

\n Business Combination<\/strong>\n <\/p>\n

On January 18, 2023, the Company entered into a definitive Agreement and Plan of Merger and Business Combination Agreement (the \u201cBusiness Combination Agreement\u201d) with Openmarkets Group Pty Ltd, an Australian proprietary limited company (\u201cOMG\u201d), BMYG OMG Pty Ltd, an Australian proprietary limited company, and Broad Capital LLC, a Delaware limited liability company, solely in its capacity as the Company\u2019s sponsor, pursuant to which the Company will enact its initial business combination.<\/p>\n

\n About <\/strong>
\n the Company<\/strong>\n <\/p>\n

The Company is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company is led by its Chief Executive Officer, Johann Tse.<\/p>\n

\n About OMG<\/strong>\n <\/p>\n

OMG is a leading Australian financial services technology group powering its various client groups\u2014fintechs, dealer groups and private wealth advisers, traders, and stockbrokers.<\/p>\n

\n Additional Information and Where to Find It<\/strong>\n <\/p>\n

For additional information on the proposed business combination, see the Company\u2019s Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (the \u201cSEC\u201d) on January 24, 2023. In connection with the business combination, the Company intends to file relevant materials with the SEC, including a Registration Statement on Form S-4 (including the joint proxy statement\/prospectus contained therein, the \u201cRegistration Statement\u201d). Before making any voting decision, the Company\u2019s stockholders are advised to read, when available, the Registration Statement, the amendments thereto and any documents incorporated by reference therein, if any, filed in connection with the proposed business combination, as these materials will contain important information about OMG and the Company and the proposed business combination. Promptly after any SEC comments on the Registration Statement have been cleared, the Company will deliver a definitive proxy statement and a proxy card to each stockholder entitled to vote at the meeting relating to the approval of the business combination and other proposals set forth in the Registration Statement. The documents filed by the Company with the SEC may be obtained free of charge at the SEC\u2019s website at www.sec.gov<\/a>, or by directing a request to Broad Capital Acquisition Corp., 6208 Sandpebble Ct., Dallas, TX 75254; Attn: Rita Jiang; rita.jiang@brac-spac.com<\/a>; tel. (646) 691-5047.<\/p>\n

\n No Offer or Solicitation<\/strong>\n <\/p>\n

This press release shall not constitute a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the proposed business combination. This press release shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.<\/p>\n

\n Participants in the Solicitation<\/strong>\n <\/p>\n

The Company, OMG, and their respective directors, executive officers, employees and other persons may be deemed to be participants in the solicitation of proxies from the holders of shares of the Company\u2019s common stock in respect of the proposed transaction described herein. Information about the Company\u2019s directors and executive officers and their ownership of the Company\u2019s common stock is set forth in the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (the \u201cForm 10-K\u201d) and the final prospectus dated January 11, 2022 (the \u201cProspectus\u201d) filed with the SEC in connection with the Company\u2019s initial public offering, as modified or supplemented by any Form 3 or Form 4 filed with the SEC since the date of such filing. Other information regarding the interests of the participants in the proxy solicitation will be included in the Registration Statement pertaining to the proposed transaction when it becomes available. These documents can be obtained free of charge from the sources indicated below.<\/p>\n

\n Cautionary Statement Regarding Forward Looking Statements<\/strong>\n <\/p>\n

Certain statements in this press release may be considered \u201cforward-looking statements\u201d within the meaning of the \u201csafe harbor\u201d provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: \u201ctarget,\u201d \u201cbelieve,\u201d \u201cexpect,\u201d \u201cwill,\u201d \u201cshall,\u201d \u201cmay,\u201d \u201canticipate,\u201d \u201cestimate,\u201d \u201cwould,\u201d \u201cpositioned,\u201d \u201cfuture,\u201d \u201cforecast,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201cproject\u201d and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Examples of forward-looking statements include, among others, statements made in this press release regarding the proposed transactions contemplated by the Business Combination Agreement, integration plans, expected synergies and revenue opportunities, anticipated future financial and operating performance and results, including estimates for growth, the expected management and governance of the combined company and the expected timing of the business combination. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on the Company and OMG managements\u2019 current beliefs, expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Actual results and outcomes may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause actual results and outcomes to differ materially from those indicated in the forward-looking statements include, among others, the following: (1) the occurrence of any event that could give rise to the termination of the Business Combination Agreement; (2) the outcome of any legal proceedings that may be instituted against the Company, OMG, the combined company, or others following the announcement of the business combination; (3) the inability to complete the business combination, including due to the failure to obtain approval of the Company\u2019s stockholders or to satisfy other conditions to closing in the Business Combination Agreement; (4) the amount of redemption requests made by the Company\u2019s stockholders; (5) changes to the proposed structure of the business combination that may be required or appropriate as a result of applicable laws; (6) the ability to meet Nasdaq listing standards following the consummation of the business combination; (7) the risk that the business combination disrupts current plans and operations of OMG as a result of the announcement and consummation of the business combination; (8) the ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with third parties and partners and retain its management and key employees; (9) costs related to the business combination; (10) changes in applicable laws or regulations; (11) the possibility that OMG or the combined company may be adversely affected by other economic, business, regulatory, and\/or competitive factors; (12) the availability of capital to support future operations and OMG estimates of expenses; (13) changes in the assumptions underlying OMG\u2019s expectations regarding its future business or business model; and (14) other risks and uncertainties set forth in the Registration Statement to be filed by the Company with the SEC in connection with the business combination, including those under \u201cRisk Factors\u201d therein, and other documents filed or to be filed from time to time with the SEC by the Company.<\/p>\n

A further list and description of risks and uncertainties can be found in the Company\u2019s Form 10-K and in the Registration Statement that will be filed with the SEC by the Company in connection with the proposed transaction, and other documents that the parties may file or furnish with the SEC, which you are encouraged to read. Any forward-looking statement made by us in this press release is based only on information currently available to the Company and OMG and speaks only as of the date on which it is made. The Company and OMG undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise, except as required by law. Forecasts and estimates regarding OMG\u2019s industry and end markets are based on sources the Company and OMG believe to be reliable, however there can be no assurance these forecasts and estimates will prove accurate in whole or in part. Annualized, pro forma, projected and estimated numbers are used for illustrative purposes only, are not forecasts and do not reflect actual results.<\/p>\n

\n Contact<\/strong>:<\/p>\n

Broad Capital Acquisition Corp.
6208 Sandpebble Ct., Dallas, TX 75254
Johann Tse, Chief Executive Officer
(469) 951-3088<\/p>\n

\n
\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

Dallas, Texas, July 13, 2023 (GLOBE NEWSWIRE) — Broad Capital Acquisition Corp. (the \u201cCompany\u201d) (NASDAQ: BRAC, BRACR, BRACU), a special purpose acquisition company formed by Broad Capital LLC, today announced that on July 7, 2023 it caused to be deposited $150,000 (the \u201cExtension Payment\u201d) into the Company\u2019s trust account for its public stockholders, representing\u00a0$0.0332\u00a0per public share, allowing the Company to extend the period of time it has to consummate its initial business combination\u00a0from July 13, 2023 to August 13, 2023 (the \u201cMonthly Extension\u201d). The Monthly Extension is the seventh of the twelve monthly extensions permitted under the Company\u2019s governing documents. Business Combination On January 18, 2023, the Company entered into a definitive Agreement and Plan of Merger and Business Combination … <\/p>\n

Continue reading “Broad Capital Acquisition Corp Confirms Funding to Extend Period to Consummate Initial Business Combination to August 13, 2023”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-769871","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nBroad Capital Acquisition Corp Confirms Funding to Extend Period to Consummate Initial Business Combination to August 13, 2023 - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/broad-capital-acquisition-corp-confirms-funding-to-extend-period-to-consummate-initial-business-combination-to-august-13-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Broad Capital Acquisition Corp Confirms Funding to Extend Period to Consummate Initial Business Combination to August 13, 2023 - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Dallas, Texas, July 13, 2023 (GLOBE NEWSWIRE) — Broad Capital Acquisition Corp. (the \u201cCompany\u201d) (NASDAQ: BRAC, BRACR, BRACU), a special purpose acquisition company formed by Broad Capital LLC, today announced that on July 7, 2023 it caused to be deposited $150,000 (the \u201cExtension Payment\u201d) into the Company\u2019s trust account for its public stockholders, representing\u00a0$0.0332\u00a0per public share, allowing the Company to extend the period of time it has to consummate its initial business combination\u00a0from July 13, 2023 to August 13, 2023 (the \u201cMonthly Extension\u201d). The Monthly Extension is the seventh of the twelve monthly extensions permitted under the Company\u2019s governing documents. 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(the \u201cCompany\u201d) (NASDAQ: BRAC, BRACR, BRACU), a special purpose acquisition company formed by Broad Capital LLC, today announced that on July 7, 2023 it caused to be deposited $150,000 (the \u201cExtension Payment\u201d) into the Company\u2019s trust account for its public stockholders, representing\u00a0$0.0332\u00a0per public share, allowing the Company to extend the period of time it has to consummate its initial business combination\u00a0from July 13, 2023 to August 13, 2023 (the \u201cMonthly Extension\u201d). The Monthly Extension is the seventh of the twelve monthly extensions permitted under the Company\u2019s governing documents. 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