Broad Capital Acquisition Corp Confirms Funding to Extend Period to Consummate Initial Business Combination to May 13, 2024

Dallas, Texas, April 17, 2024 (GLOBE NEWSWIRE) -- Broad Capital Acquisition Corp. (the “Company”) (NASDAQ: BRAC, BRACR, BRACU), a special purpose acquisition company formed by Broad Capital LLC, today announced that on April 11, 2024 it caused to be deposited $60,000 (the “Extension Payment”) into the Company’s trust account for its public stockholders, representing $0.035 per public share, allowing the Company to extend the period of time it has to consummate its initial business combination to May 13, 2024 (the “Monthly Extension”). The Monthly Extension is the fourth of the twelve monthly extensions permitted under the Company’s Amended and Restated Certificate of Incorporation, as amended to date.

Business Combination

On January 18, 2023, the Company entered into a definitive Agreement and Plan of Merger and Business Combination Agreement, as amended (the “Business Combination Agreement”), with Openmarkets Group Pty Ltd, an Australian proprietary limited company (“OMG”), 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’s sponsor, pursuant to which the Company will enact its initial business combination.

About the Company

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.

About OMG

OMG is a leading Australian financial services technology group serving its various client groups—fintechs, dealer groups and private wealth advisers, traders, and stockbrokers.

Additional Information and Where to Find It

For additional information on the proposed business combination, see the Company’s Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on January 24, 2023 and its subsequent filings that reflect amendments to the Business Combination Agreement. In connection with the business combination, the Company has filed relevant materials with the SEC, including a Registration Statement on Form S-4 (including the joint proxy statement/prospectus contained therein, as amended, the “Registration Statement”). Before making any voting decision, the Company’s stockholders are advised to read 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’s website at www.sec.gov, or by directing a request to Broad Capital Acquisition Corp., 6208 Sandpebble Ct., Dallas, TX 75254; Attn: Rita Jiang; [e-mail]; tel. [phone].