Broad Capital Acquisition in an 8-K said it an merger partner Open Markets Group amended their merger agreement to reduce the stock consideration to 7 million from 9 million shares due to an updated valuation of the target.
The parties also pushed the outside completion date to Jan. 1, 2024.
Openmarkets provides trading and wealth management tech solutions. The deal was announced in January at an enterprise value of $90 million.
In addition to the newly adjusted base consideration, the deal includes another potential $20 million in earnout over two years, subject to certain target revenues.
OMGL Holdings Ltd, currently an Australian public company, is expected to list on the Nasdaq if the merger is approved. Read more.
