Broad Capital Acquisition Corp. (NASDAQ:BRAC) announced this afternoon that it has entered into an amendment to its merger agreement to combine with fintech target Openmarkets.
On August 4, the parties amended the business combination agreement to decrease the number of purchase shares to be issued to the seller, BMYG OMG Pty Ltd, as consideration at closing from 9,000,000 to 7,000,000 due to an updated valuation of Openmarkets.
Pursuant to the original terms of the merger agreement, the consideration to be paid in newly issued ordinary shares of OMG at a deemed price of $10 per share to existing shareholders of OMG was based upon Openmarket’s $90 million base enterprise value, with another $20 million (2,000,000 shares) deposited with an independent escrow agent to support an agreed earnout structure.
Additionally, the outside date was extended from June 30, 2023 to January 1, 2024.
Broad Capital originally raised $102.6 million through its IPO in January 2022, but saw 55.5% of this redeemed during previous votes, leaving it with $48.27 million in its trust. The SPAC inked its deal with Openmarkets earlier this year in January and has not currently supplemented this with additional financing.
Furthermore, there is a minimum cash closing condition of at least A$7 million (Australian dollars) in cash or cash equivalents upon closing. The parties currently face an August 13 completion deadline, but can extend this until January 13.
Melbourne, Australia-based Openmarkets offers enterprise software tools to financial planners and brokers while also providing an equity and derivatives trading platform for retail traders in the Australian market.


Cayson Acquisition Corp. (NASDAQ:CAPN) has entered into a definitive agreement to combine with boutique investment firm Mango Financial for $300 million in equity consideration. Hong Kong-based Mango provides a range of M&A and equity capital markets advisory services to clients considering listings in China and the US. The combined company is expected to trade on...
Trailblazer (NASDAQ:BLZRU) has filed for a $200 million SPAC to bring a first-time team to market with serial sponsor terms. The new SPAC is offering investors a 1/3 warrant in each unit and it is the first SPAC filed so far this month with 24 months on its initial transaction clock. All other July SPACs...
This week, we speak with Kyivstar CEO Oleksandr Komarov about the company’s $2.2 billion dollar combination with Cohen Circle Acquisition Corp. I (NASDAQ:CCIR). Few companies have been had to forge themselves in the flames recently quite like Ukraine’s leading telecom and digital services provider Kyivstar. Now, Kyivstar is not only telling that story but pitching it to...
At the SPAC of Dawn The market still has one full trading session before it adds Tuesday’s Core CPI reading and a variety of Fed comments to messaging it is already ingesting on US President Donald Trump’s ever-shifting tariff policy. SPACs are meanwhile continuing on with business as usual, with Cayson (NASDAQ:CAPN) announcing the third...
Terms Tracker for the Week Ending July 11, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. One more IPO priced this week bringing July’s total to 8. However, there are still three more weeks left in the month so that number...