Broad Capital Acquisition Extends Business Combination Period with Monthly Deposit

Broad Capital Acquisition Corp. (NASDAQ: BRACU) has filed a Form 8-K with the Securities and Exchange Commission on January 13, 2025, detailing the extension of its business combination period. The company, a Delaware corporation, deposited $3,036.48 into its trust account, facilitating an extension of the deadline to consummate its initial business combination by one month, from January 13, 2025, to February 13, 2025.

This extension marks the first of up to twelve monthly extensions allowed under the company’s amended and restated certificate of incorporation following stockholder approval of the Charter Amendment Proposal at its Special Meeting of Stockholders also held on January 13, 2025.

The Charter Amendment Proposal approved at the meeting extends the business combination deadline from January 13, 2025, to January 13, 2026, and reduces the monthly extension fee. Stockholders voted in favor of these proposals, with a significant majority supporting the amendments.

Additionally, the company made changes to its investment management trust agreement, allowing for a reduction in the monthly extension fee and updating certain terms to align with the extended timeline for the business combination period.

Notably, stockholders holding 1,616,447 shares of common stock opted to redeem their shares for cash, resulting in the removal of approximately $19.3 million from the Trust Account to meet these redemptions. Following these actions, the company has 101,216 remaining shares of common stock outstanding and must deposit $3,036.48 for each monthly extension period enabled by these amendments.

Broad Capital Acquisition Corp.’s Chief Executive Officer, Johann Tse, signed the report on January 17, 2025, in accordance with the requirements of the Securities Exchange Act of 1934. The company’s shares, trading under the symbols BRACU and BRAC, are listed on The Nasdaq Stock Market LLC.

The company has included relevant exhibits in its filing, including the Fourth Amendment to the Amended and Restated Certificate of Incorporation and Amendment No. 4 to the Investment Management Trust Agreement.

Investors and stakeholders will be closely monitoring further developments as Broad Capital Acquisition Corp. navigates its extended business combination timeline and associated financial obligations.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Broad Capital Acquisition’s 8K filing here.

Broad Capital Acquisition Company Profile

Broad Capital Acquisition Corp. does not have significant operations. It focuses on effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or related business combination with one or more businesses. The company was incorporated in 2021 and is based in Dallas, Texas.