Broad Capital Acquisition said it deposited $60,000 into trust (3.5 cents a share) for its public stockholders, allowing the SPAC to extend its deadline to April 13. This is the third of 12 monthly extensions available.
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.
