Dallas, Texas, July 29, 2025 (GLOBE NEWSWIRE) -- Broad Capital Acquisition Corp. (the "Company") (NASDAQ:BRAC, BRACR, BRACU)), a special purpose acquisition company, today announced today that it intends to voluntarily deregister from its reporting requirements to the Securities and Exchange Commission (the "SEC").
As previously disclosed, on January 18, 2023, the Company entered into a definitive Agreement and Plan of Merger and Business Combination Agreement, as amended (the "Business Combination Agreement"), with Openmarkets Group Pty Ltd., an Australian proprietary limited company ("OMG"), BMYG OMG Pty Ltd., an Australian proprietary limited company, in connection with its initial business combination.
On January 22, 2025, the Nasdaq Stock Market ("Nasdaq") ceased trading of the Company's securities because the Company was not in compliance with Nasdaq's Listing Rule 5450(b)(2)(B) because, as of December 31, 2024, it has not maintained a minimum of 1,100,000 publicly held shares.
On February 12, 2025, the Company received a notice of termination from OMG advising that OMG had terminated the Merger Agreement pursuant to Section 11.1(d)(i) of the Merger Agreement.
On June 5, 2025, the Securities and Exchange Commission (the "SEC") filed a Form 25 to delist the Company's securities from Nasdaq.
In view of the foregoing, the Board of Directors of the Company has determined to voluntarily file a Form 15 to deregister with the SEC after carefully considering the advantages and disadvantages of continuing registration and listing. The costs and administrative burdens associated with being a publicly reporting company have significantly increased, particularly in light of new SEC, Sarbanes-Oxley and Nasdaq requirements. Our Board has determined that the rising costs of compliance, as well as the substantial demands on management time and resources, outweigh the benefits the Company receives from maintaining its registered status. We believe that deregistering will result in significantly reducing expenses, avoiding even higher future expenses and will enable our management to focus more of its time and resources on operating the Company.
Forward-Looking Statements
This press release contains certain forward-looking statements that express the Company's opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can generally be identified by the use of forward-looking terminology, including the terms "believes," "estimates," "anticipates," "expects," "seeks," "projects," "intends," "plans," "may," "will" or "should" or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this press release and include statements regarding the Company's intentions, beliefs or current expectations concerning the Company's performance, business and future events. Such forward-looking statements are based on management's expectations, beliefs and forecasts concerning future events impacting the Company. You are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties. The forward-looking statements made in this press release speak only as of the date hereof and the Company disclaims any obligation, except as required by law, to provide updates, revisions or amendments to any forward-looking statements to reflect changes in the Company's expectations or future events.
Contacts
Broad Capital Acquisition Corp.
Johann Tse
Chief Executive Officer
(469) 951-3088
