Financial Position - The trust account at J.P. Morgan Securities LLC held $104,162,029 as of December 31, 2022, from the net proceeds of the sale of units and placement units[30]. - A total of $1,606,597 in proceeds from the Over-Allotment Closing was placed in a U.S.-based trust account for the benefit of the Company's public stockholders[18]. - The private placement involved the sale of 446,358 placement units at a price of $10.00 per unit, totaling $4,463,580[15]. Risk Management - The Company anticipates no material exposure to interest rate risk due to the short-term nature of investments in U.S. government treasury bills[283]. Mergers and Acquisitions - The Openmarkets Merger Agreement was entered into on January 18, 2023, involving multiple parties including Openmarkets and Broad Capital LLC[15]. - An additional 2,000,000 Purchaser Shares may be paid to the Stockholder based on performance benchmarks following the Closing as detailed in the BCA[21]. Internal Controls - The Company has established internal controls over financial reporting to ensure reliability in financial statements in accordance with GAAP[287]. - There were no changes in internal control over financial reporting during the most recent fiscal quarter that materially affected the controls[290]. - The Company’s management is responsible for maintaining adequate internal control over financial reporting as per SEC regulations[287]. Forward-Looking Statements - The forward-looking statements in the report are based on management's current expectations and beliefs, with actual results potentially differing due to various risks and uncertainties[13].
Broad Capital Acquisition p(BRAC) - 2022 Q4 - Annual Report