NEW YORK, Jan. 13, 2022 /PRNewswire/ -- Broad Capital
Acquisition Corp. (NASDAQ: BRACU, the "Company") announced today
that it closed its $100 million
initial public offering of 10,000,000 units at $10.00 per unit. Each unit consists of one share
of common stock and one right to receive one-tenth of one share of
common stock upon the consummation of an initial business
combination.
The units are listed on The NASDAQ Global Market ("NASDAQ") and
began trading under the ticker symbol "BRACU" on January 11, 2022. Once the securities comprising
the units begin separate trading, the common stock and rights are
expected to be listed on NASDAQ under the symbols "BRAC," and
"BRACR," respectively.
The underwriters have been granted a 45-day option to purchase
up to an additional 1,500,000 units offered by the Company to cover
over-allotments, if any.
Chardan acted as sole book running manager in the offering.
Rimon, P.C. served as legal counsel to the
Company. Loeb & Loeb LLP served as legal counsel to
Chardan.
A registration statement relating to these securities was
declared effective by the Securities and Exchange Commission on
January 10, 2022. The offering is
being made only by means of a prospectus, copies of which may be
obtained by contacting Chardan, 17 State Street, 21st floor,
New York, New York 10004. Copies
of the registration statement can be accessed through the SEC's
website at www.sec.gov.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Broad Capital Acquisition Corp.
Broad Capital Acquisition Corp. 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 has not
selected a business combination target and has not, nor has anyone
on its behalf, initiated any substantive discussions, directly or
indirectly, with any business combination target. The Company
intends to focus its search for a target business addressing a
large market opportunity with a company that is driving its growth
in the emerging and transformational technologies market, focusing
on businesses operating within the general aviation and aerospace
industry, and the unmanned aircraft systems (UAS) in particular.
The Company is led by its Chief Executive Officer, Johann Tse.
Forward Looking Statements
This press release includes forward-looking statements that
involve risks and uncertainties. Forward looking statements are
statements that are not historical facts. Such forward-looking
statements, including the successful consummation of the Company's
initial public offering, are subject to risks and uncertainties,
which could cause actual results to differ from the forward looking
statements, including those set forth in the Risk Factors
section of the Company's registration statement and preliminary
prospectus for the offering filed with the SEC. Copies are
available on the SEC's website, www.sec.gov. The Company
expressly disclaims any obligations or undertaking to release
publicly any updates or revisions to any forward-looking statements
contained herein to reflect any change in the Company's
expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is based.
Contact:
Broad Capital Acquisition Corp.
5345 Annabel Lane
Plano, Texas 75093
Johann Tse
Chief Executive Officer
johann.tse@aquariancapital.com
1-469-951-3088
View original
content:https://www.prnewswire.com/news-releases/broad-capital-acquisition-corp-announces-closing-of-100-million-initial-public-offering-301460838.html
SOURCE Broad Capital Acquisition Corp