Mon, May 20, 2:21 PM (264 days ago)
Broad Capital Acquisition Corp, a blank check company, reported its financial results for the quarter ending March 31, 2024. The company, which is focused on consummating a business combination, had $164,776 in cash and $19,495,620 in marketable securities held in a trust account. Current liabilities totaled $7,856,436, with significant items including accrued expenses, accounts payable, and extension loans. The company reported a net loss of $533,432 for the quarter, primarily due to formation and operating costs, franchise tax, and interest expenses, partially offset by interest income from marketable securities. The company is pursuing a business combination with Openmarkets Group Pty Ltd, with several amendments made to the merger agreement to adjust share considerations and extend deadlines. The company has extended its deadline for completing a business combination to January 13, 2025, necessitating monthly extension loans. Management has expressed substantial doubt about the company’s ability to continue as a going concern due to the potential inability to consummate the business combination within the required timeframe and the insufficiency of cash to cover operational needs for the next 12 months.