Brief: Openmarkets Signs Definitive Agreement To Combine With Broad Capital Acquisition Corp

Broad Capital Acquisition

19/01/2023 14:14

Jan 19 (Reuters) - Broad Capital Acquisition Corp
 BRAC.O :
    * OPENMARKETS SIGNS DEFINITIVE AGREEMENT TO COMBINE WITH
BROAD
CAPITAL ACQUISITION CORP
    * BROAD CAPITAL ACQUISITION CORP - COMBINED CO WILL LIKELY
BE
NAMED OMGL HOLDINGS LTD AND WILL APPLY FOR LISTING ON THE NASDAQ
UNDER THE TICKER OMGL
    * BROAD CAPITAL ACQUISITION CORP - OMG’S CEO, DAN JOWETT,
AND THE
EXISTING OMG MANAGEMENT TEAM TO LEAD THE COMBINED GROUP
    * BROAD CAPITAL ACQUISITION CORP - ENTERPRISE VALUE OF OMG
IS
ESTIMATED TO BE $90 MILLION
    * BROAD CAPITAL ACQUISITION CORP -  OPENMARKETS GROUP PTY’S
SHAREHOLDERS WILL BE LOCKED UP FOR ONE YEAR FROM CLOSING OF THE
TRANSACTION
    * BROAD CAPITAL ACQUISITION CORP -  TRANSACTION IS EXPECTED
TO BE
COMPLETED IN THE SECOND QUARTER OF 2023
    * BROAD CAPITAL ACQUISITION CORP - CONSIDERATION TO BE PAID
IN
NEWLY ISSUED ORDINARY SHARES OF OMGL AT A DEEMED PRICE OF $10.00
PER SHARE
    * BROAD CAPITAL ACQUISITION CORP - BOARD OF COMBINED CO TO
CONSIST
OF 7 DIRECTORS, OF WHOM 2 WILL BE DESIGNATED BY BRAC, 5 TO BE
DESIGNATED BY OMG
    * BROAD CAPITAL ACQUISITION CORP -  BUSINESS COMBINATION HAS
BEEN
APPROVED BY BOARDS OF EACH OF BRAC AND OMG AND BY THE
SHAREHOLDERS OF OMG
    * BROAD CAPITAL ACQUISITION CORP -AS OF CLOSING,  COMBINED
ENTITY,
OMGL HOLDINGS LTD, AUSTRALIAN PUBLIC CO OMGL, IS EXPECTED TO BE
LISTED ON NASDAQ

Further company coverage:  BRAC.O 
 ((Reuters.Briefs@thomsonreuters.com;))