Core Viewpoint - Broad Capital Acquisition Corp. intends to voluntarily deregister from its reporting requirements to the SEC due to increased costs and administrative burdens associated with being a publicly reporting company [1][5]. Group 1: Business Combination and Compliance Issues - On January 18, 2023, the Company entered into a definitive Business Combination Agreement with Openmarkets Group Pty Ltd. and BMYG OMG Pty Ltd. [2] - Nasdaq ceased trading of the Company's securities on January 22, 2025, due to non-compliance with the minimum public share requirement of 1,100,000 shares as of December 31, 2024 [3]. - The Merger Agreement with OMG was terminated on February 12, 2025, following a notice from OMG [3]. Group 2: Deregistration Decision - The SEC filed a Form 25 to delist the Company's securities from Nasdaq on June 5, 2025 [4]. - The Board of Directors decided to file a Form 15 to deregister with the SEC after evaluating the rising costs of compliance and the demands on management resources [5]. - The Company believes that deregistration will significantly reduce expenses and allow management to focus more on operations [5].
Broad Capital Acquisition Corp. Announces Voluntary SEC Deregistration