M&A: Broad Capital Acquisition Corp

Form Type: DEF 14A

Filing Date: 2024-12-31

Corporate Action: Merger

Type: Update

Accession Number: 000149315224052609

Comments: Broad Capital Acquisition Corp. is holding a special meeting of stockholders on January 13, 2024, to discuss several key proposals including the Extension Amendment Proposal and the Trust Amendment Proposal. The purpose of these proposals is to amend the company’s charter and trust agreement to extend the deadline for consummating a business combination with Openmarkets Group Pty Ltd to January 13, 2026, while also reducing the monthly extension costs. The company aims to mitigate the risk of being categorized as an unregistered investment company under SEC rules prior to completing the business combination. Stockholders will have the option to redeem their shares and the company has stated that should the proposals not be approved, it may be required to cease operations and liquidate. The proposals are seen as essential to secure the future of the company and complete the business combination successfully, avoiding forced liquidation if the extensions are not granted.

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Form Type: PRER14A

Filing Date: 2024-12-27

Corporate Action: Merger

Type: New

Accession Number: 000149315224052309

Comments: Broad Capital Acquisition Corp. has filed a preliminary proxy statement to solicit shareholder votes at a special meeting regarding proposed amendments to extend the deadline for a business combination involving Openmarkets Group Pty Ltd. The meeting, originally planned for January 10, 2024, will address three key proposals: the Extension Amendment Proposal aiming to extend the deadline from January 13, 2025, to January 13, 2026, and to reduce the monthly payment required for extensions; the Trust Amendment Proposal to modify the trust agreement and adjust the payment terms for any monthly extensions; and the Adjournment Proposal to permit further solicitation if necessary for passage of the first two proposals. Without approval, the company risks liquidation. The board recommends voting in favor of the proposals to ensure the continued pursuit of the merger and proper compliance with investment company regulations.

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