Broad Capital Acquisition said it arranged for the deposit of $60,000 (3.5 cents a share) into trust to extend its completion deadline to May 13. This is the fourth of 12 monthly extensions available to the SPAC.
Broad Capital has a deal in place with Open Markets Group, which provides trading and wealth management tech solutions. The deal was announced in January 2023 at an enterprise value of $90 million.
Broad Capital and Open Markets Group amended their merger agreement last August to reduce the stock consideration to 7 million shares from 9 million shares following 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.
