Broad Capital Acquisition Corp. Announces Closing of $100 Million Initial Public Offering

Rhea-AI Summary

Broad Capital Acquisition Corp. (NASDAQ: BRACU) has successfully closed its $100 million initial public offering, issuing 10 million units priced at $10.00 each. The units will trade on NASDAQ and consist of one share of common stock and a right to receive a fraction of an additional share upon a business combination. The offering commenced on January 11, 2022, and includes an option for underwriters to buy an additional 1.5 million units. Currently, the company is seeking a target firm in the emerging technologies market, specifically in general aviation and unmanned aircraft systems.

Positive

• Successful closure of a $100 million IPO indicates strong investor confidence.
• Ten million units issued provide significant capital for future business combinations.
• Focus on emerging technologies like general aviation and UAS can lead to lucrative business opportunities.

Negative

• The company has not yet selected a business combination target, leading to uncertainty.
• Potential risks associated with forward-looking statements regarding future performance.

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

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SOURCE Broad Capital Acquisition Corp

FAQ

What is the purpose of Broad Capital Acquisition Corp.'s IPO?

The IPO aims to raise capital for future mergers or business combinations, specifically in emerging technologies.

When did Broad Capital Acquisition Corp. begin trading on NASDAQ?

Broad Capital Acquisition Corp. began trading on NASDAQ on January 11, 2022.

What are the terms of the units offered in Broad Capital Acquisition Corp.'s IPO?

Each unit consists of one share of common stock and one right to receive one-tenth of a share upon a business combination.

What are Broad Capital Acquisition Corp.'s plans for the raised funds?

The funds will be used to seek a target business in the general aviation and unmanned aircraft systems sectors.

Is there a risk associated with the forward-looking statements in the press release?

Yes, the forward-looking statements carry risks and uncertainties that could affect actual results.