Rimon, Broad Capital Acquisition Corp. Announces Closing of $100 Million Initial Public Offering
News Debbie A. Klis · January 13, 2022
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.