Openmarkets, which provides trading and wealth management tech solutions, and Broad Capital Acquisition announced today that they have entered into a definitive merger agreement at an enterprise value of $90 million.

If approved by Broad Capital's shareholders, the transaction is expected to close in the second quarter. OMGL Holdings Ltd, currently an Australian public company, is expected to list on the nasdaq.

In addition to the $90 million base consideration, the deal includes another potential $20 million in earnout over two years, subject to certain target revenues.

Broad Capital raised nearly $102 million in an IPO a year ago. Read more.

Source: Broad Capital Acquisition to Merge With Openmarkets Group in M Deal