Broad Capital Acquisition stockholders approved nine monthly extensions of the SPAC's merger deadline. Broad Capital immediately deployed the first-month extension with the deposit of $370,725.50 into its trust.
The extension came at a deeper cost — about 40% of the shares were redeemed.
The SPAC said 4,227,461 public shares were redeemed in connection with the extension vote, leaving 5,931,608 public shares outstanding. After the redemption payout of approximately $10.25 per share for a totoal of about $43.4 million, Broad Capital will have approximately $61 million left in trust.
Broad Capital raised $100 million in an IPO a year ago to target tech companies.
Source: Broad Capital Shareholders Approve up to 9 Month Extension; Redemptions Hit 40%