Mon, Aug 19, 4:58 PM (148 days ago)
For the quarter ending June 30, 2024, Broad Capital Acquisition Corp reported a significant decline in cash and marketable securities, with total assets decreasing from $50,817,322 in December 2023 to $19,849,510. The company experienced a net loss of $383,704 for Q2 2024, compared to a net income of $340,082 in Q2 2023, driven by increased formation and operating costs and a substantial reduction in interest income. Cash flows from operations were negative, resulting in a cash balance of $2,826. The company has outstanding loans totaling $4,074,762, including $931,134 under working capital loans and $3,143,628 under extension loans. The company is under pressure to complete its initial business combination, with substantial doubt regarding its ability to continue operations for the next year without further financing. Notably, several amendments to the Openmarkets Merger Agreement have occurred, including changes in share issuance and valuation, reflecting ongoing negotiations and adjustments related to the proposed merger. The future remains uncertain as the company seeks to secure additional financing and finalize its business combination.