Broad Capital Acquisition Corp Confirms Funding To Extend Period To Consummate Initial Business Combination To March 13, 2024
Portfolio Pulse from Benzinga Newsdesk
Broad Capital Acquisition Corp. (BRAC) has deposited $60,000 into its trust account to extend the deadline for its initial business combination to March 13, 2024. This extension, costing $0.035 per public share, is the second of up to twelve monthly extensions allowed by the company's charter.
February 21, 2024 | 10:31 pm
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NEUTRAL IMPACT
Broad Capital Acquisition Corp. has extended its deadline for an initial business combination to March 13, 2024, by depositing $60,000, costing public shareholders $0.035 per share.
The extension provides BRAC more time to find a suitable business combination, which is a neutral to slightly positive signal as it shows commitment to finding a good match. However, the cost to shareholders and the use of one of the permitted extensions could be seen as slightly negative. Overall, the impact is neutral as the extension is within the expected operations of a SPAC.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100