Broad Capital Acquisition announced that it has extended its completion deadline by one month to Jan. 13 and poured $150,000 into its trust for the extra time.
This is the final extension allowed under the SPAC’s governing documents.
The SPAC has a deal pending with Open Markets Group, which provides trading and wealth management tech solutions. The deal was announced in January at an enterprise value of $90 million.
Broad Capital and Open Markets Group amended their merger agreement in August to reduce the stock consideration to 7 million shares from 9 million shares due to an updated valuation of the target.
The deal also 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.
