If You Invested in Broad Capital (BRAC)

Broad Capital Acquisition Corp. (NASDAQ: BRAC, BRACR, BRACU) is described as a special purpose acquisition company, or SPAC. It is associated with the Blank Checks sector, which typically involves entities formed to pursue a business combination, as reflected in the company's own disclosures.

According to the company, Broad Capital Acquisition Corp. entered into a definitive Agreement and Plan of Merger and Business Combination Agreement with Openmarkets Group Pty Ltd., an Australian proprietary limited company referred to as OMG, and BMYG OMG Pty Ltd., also an Australian proprietary limited company. This agreement was connected to the company's initial business combination and was disclosed as having been entered into on January 18, 2023.

The company reports that on January 22, 2025, the Nasdaq Stock Market ceased trading of its securities. Nasdaq took this action because the company was not in compliance with Nasdaq Listing Rule 5450(b)(2)(B), which required a minimum number of publicly held shares. The company states that, as of December 31, 2024, it had not maintained at least 1,100,000 publicly held shares, leading to the cessation of trading on Nasdaq.

Broad Capital Acquisition Corp. further discloses that on February 12, 2025, it received a notice of termination from OMG. In that notice, OMG advised that it had terminated the Merger Agreement pursuant to a specific termination provision identified as Section 11.1(d)(i) of the Merger Agreement. This termination affected the previously planned initial business combination described by the company.

The company reports that on June 5, 2025, the Securities and Exchange Commission filed a Form 25 to delist the company's securities from Nasdaq. A Form 25 is used in connection with the delisting of securities from a national securities exchange. This filing followed the earlier cessation of trading on Nasdaq and is part of the company's regulatory history as described in its public statement.

In light of these developments, Broad Capital Acquisition Corp. has announced that its Board of Directors determined to voluntarily file a Form 15 to deregister with the Securities and Exchange Commission. The company explains that this decision followed consideration of the advantages and disadvantages of continuing registration and listing, and it cites increased costs and administrative burdens associated with being a publicly reporting company.

According to the company's statement, the Board concluded that rising compliance costs, including those linked to SEC, Sarbanes-Oxley, and Nasdaq requirements, as well as the demands on management time and resources, outweighed the benefits of maintaining registered status. The company believes that deregistering will significantly reduce expenses, avoid higher future expenses, and allow management to focus more time and resources on operating the company.

Because Broad Capital Acquisition Corp. is a SPAC in the blank check sector and has experienced a terminated merger agreement, a cessation of trading on Nasdaq, a Form 25 delisting filing, and an announced intention to file a Form 15 to deregister, its history is particularly relevant for investors and researchers interested in special purpose acquisition companies, listing compliance, and deregistration decisions.

Business purpose and SPAC structure

The company identifies itself as a special purpose acquisition company that had pursued an initial business combination with OMG and BMYG OMG Pty Ltd. This structure and the disclosed Business Combination Agreement indicate that its stated purpose involved effecting a business combination transaction, which is a common objective for entities in the blank check sector.

Regulatory and listing history

Broad Capital Acquisition Corp.'s own disclosures highlight key regulatory milestones: the cessation of trading on Nasdaq due to non-compliance with a listing rule related to publicly held shares, the SEC's filing of a Form 25 to delist the securities from Nasdaq, and the Board's determination to file a Form 15 to deregister. These events form an important part of the company's profile for anyone reviewing its past as a listed SPAC.

Status considerations

Based on the company's announcement, Broad Capital Acquisition Corp. has described a sequence of events that includes a terminated merger agreement, a halt in Nasdaq trading, a Form 25 delisting filing, and an intended Form 15 deregistration. These disclosures are central to understanding the company's status and the evolution of its role as a blank check company.

FAQs about Broad Capital Acquisition Corp. (BRAC)

• What is Broad Capital Acquisition Corp. (BRAC)?
  

  Broad Capital Acquisition Corp. is described by the company as a special purpose acquisition company in the blank check sector. It was formed to pursue an initial business combination, as reflected in its disclosed Business Combination Agreement with Openmarkets Group Pty Ltd. and BMYG OMG Pty Ltd.

• What business combination did Broad Capital Acquisition Corp. pursue?
  

  The company states that on January 18, 2023, it entered into a definitive Agreement and Plan of Merger and Business Combination Agreement with Openmarkets Group Pty Ltd. (OMG) and BMYG OMG Pty Ltd. in connection with its initial business combination.

• What happened to the merger agreement with Openmarkets Group Pty Ltd.?
  

  Broad Capital Acquisition Corp. reports that on February 12, 2025, it received a notice of termination from OMG. In that notice, OMG advised that it had terminated the Merger Agreement pursuant to Section 11.1(d)(i) of the Merger Agreement.

• Why did Nasdaq cease trading of BRAC securities?
  

  According to the company, on January 22, 2025, Nasdaq ceased trading of its securities because the company was not in compliance with Nasdaq Listing Rule 5450(b)(2)(B). The company states that, as of December 31, 2024, it had not maintained a minimum of 1,100,000 publicly held shares.

• What does the SEC Form 25 filing mean for Broad Capital Acquisition Corp.?
  

  The company discloses that on June 5, 2025, the SEC filed a Form 25 to delist its securities from Nasdaq. A Form 25 is used in connection with the delisting of securities from a national securities exchange, indicating that BRAC's securities were delisted from Nasdaq.

• Why is Broad Capital Acquisition Corp. planning to file a Form 15?
  

  The Board of Directors determined to voluntarily file a Form 15 to deregister with the SEC. The company explains that this decision reflects increased costs and administrative burdens of being a publicly reporting company and the Board's view that these costs and demands on management outweigh the benefits of remaining registered.

• How does Broad Capital Acquisition Corp. describe the impact of deregistration?
  

  The company states that deregistering is expected to significantly reduce expenses, avoid higher future expenses, and enable management to focus more time and resources on operating the company, based on its own assessment of the advantages and disadvantages of continued registration.

• Is Broad Capital Acquisition Corp. still listed on Nasdaq?
  

  Broad Capital Acquisition Corp. reports that Nasdaq ceased trading of its securities on January 22, 2025, and that the SEC filed a Form 25 on June 5, 2025, to delist the company's securities from Nasdaq. These disclosures indicate that its securities were delisted from that exchange.