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Broad Capital Acquisition Corp. (BRACU, BRAC, BRACR) is a special purpose acquisition company that has generated news primarily through its capital markets activities, proposed business combination, listing status, and subsequent deregistration decisions. As a blank check company, its public updates have centered on its initial public offering, efforts to identify and combine with a target business, and later regulatory and listing developments.
News coverage for Broad Capital Acquisition Corp. includes its announcement of a NASDAQ Global Market listing of units composed of common stock and rights, as well as details of its initial public offering. Later reports describe the company’s entry into a definitive Agreement and Plan of Merger and Business Combination Agreement with Openmarkets Group Pty Ltd. and related parties in connection with an initial business combination.
Subsequent news items document the termination of that merger agreement by Openmarkets Group Pty Ltd., Nasdaq’s decision to cease trading of the company’s securities due to non-compliance with a listing rule relating to the minimum number of publicly held shares, and the filing of a Form 25 by the Securities and Exchange Commission to delist the company’s securities from Nasdaq.
Further announcements explain the board of directors’ decision for Broad Capital Acquisition Corp. to voluntarily file a Form 15 to deregister from its SEC reporting requirements, citing the rising costs and administrative burdens of remaining a publicly reporting company. Readers following BRACU-related news can use this page to review the sequence of events from the company’s initial public offering through its proposed business combination, listing changes, delisting and deregistration, providing context on the life cycle of this SPAC.
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Broad Capital Acquisition Corp (Nasdaq: BRAC/BRACU/BRACR) has postponed its Special Meeting of Shareholders from January 9, 2023, to January 10, 2023. The meeting will address a proposal to extend the deadline for completing a business combination from January 13, 2022, to October 13, 2023. If approved, the Sponsor will make monthly deposits of $0.0625 per share into the Trust Account until the extension's new deadline, securing necessary funding for the proposed business combination.
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Broad Capital Acquisition Corp. (NASDAQ: BRACU) has successfully closed its $100 million initial public offering, issuing 10 million units priced at $10.00 each. The units will trade on NASDAQ and consist of one share of common stock and a right to receive a fraction of an additional share upon a business combination. The offering commenced on January 11, 2022, and includes an option for underwriters to buy an additional 1.5 million units. Currently, the company is seeking a target firm in the emerging technologies market, specifically in general aviation and unmanned aircraft systems.