UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K/A

 

CURRENT REPORT

 

Pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): February 9, 2022

 

Broad Capital Acquisition Corp

(Exact name of registrant as specified in its charter)

 

Delaware   000-41212   86-3382967

(State or other jurisdiction

of incorporation or organization)

  

(Commission

File Number)

  

(I.R.S. Employer

Identification Number)

 

5345 Annabel Lane, Plano, TX 75093

(Address of principal executive offices, including zip code)

 

(469) 951-3088

(Registrant’s telephone number, including area code)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions

 

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Units, each consisting of one share of Common Stock, par value $0.000001 per share, and one Right to acquire 1/10 of one share of Common Stock   BRACU   The Nasdaq Stock Market LLC
Common Stock included as part of the Units   BRAC   The Nasdaq Stock Market LLC
Rights included as part of the Units   BRACR   The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

 

Emerging growth company ☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 
 

 

Item 8.01. Other Events.

 

As previously reported on a Current Report on Form 8-K of Broad Capital Acquisition Corp. (the “Company”), on January 14, 2022, the Company consummated its initial public offering (the “IPO”) of 10,000,000 units (the “Units”). Each Unit consisted of one share of common stock of the Company, par value $0.000001 per share (the “Common Stock”) and one right (the “Public Rights”) to receive one-tenth (1/10) of one share of Common Stock upon the consummation of an initial business combination. The Units were sold at an offering price of $10.00 per Unit, generating gross proceeds of $100,000,000. The Company granted the underwriters (the “Underwriters”) a 45-day option to purchase up to 1,500,000 Units to cover over-allotments, if any. On February 9, 2022, the Underwriters partially exercised the over-allotment option and on February 10, 2022, purchased an additional 159,069 Units from the Company (the “Over-Allotment Units”), generating gross proceeds of $1,558,876.20, and forfeited the remainder of the option.

 

As previously reported on a Current Report on Form 8-K of the Company, substantially concurrently with the closing of the IPO, the Company completed the private sale of 4,772 private units (the “Private Placement Units”) at a purchase price of $10.00 per Private Placement Unit, to the Company’s sponsor, Broad Capital LLC, generating gross proceeds to the Company of $47,720.70.

 

In connection with the closing and sale of the Over-Allotment Units and the additional Private Placement Units (together, the “Over-Allotment Closing”), a total of $1,606,596.90 in proceeds from the Over-Allotment Closing (which amount includes $31,813.80 of the Underwriters’ deferred discount) was placed in a U.S.-based trust account established for the benefit of the Company’s public shareholders, maintained by Continental Stock Transfer & Trust Company, acting as trustee.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits

 

EXHIBIT INDEX

 

Exhibit No.   Description
99.1   Pro Forma Balance Sheet as of January 13, 2022.

 

 
 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Dated: February 25, 2022    
     
  BROAD CAPITAL ACQUISITION CORP
     
  By: /s/ Johann Tse
  Name: Johann Tse
  Title: Chief Executive Officer

 

 

 

Exhibit 99.1

 

Broad Capital Acquisition Corp.

Pro Forma Balance Sheet

 

   January 13,   Pro Forma        
   2022   Adjustments      As Adjusted 
        (unaudited)      (unaudited) 
ASSETS:                  
Current Assets:                  
Cash  $2,069   $1,165,728   a.  $1,034,454 
         190   b.     
         (133,533)  c.     
         1,590,690   d.     
         47,721   e.     
         (31,814)  g.     
         (1,606,597)  i.     
Prepaid expenses   36,900    -       36,900 
Subscription receivable   1,165,728    (1,165,728)  a.   - 
Deferred offering costs associated with the initial public offering   -    31,814   g.   - 
         (31,814)  j.     
Total Current Assets   1,204,697    (133,343)      1,071,354 
                   
Cash and marketable securities held in Trust Account   101,000,000    1,606,597   i.   102,606,597 
                   
Total Assets  $102,204,697   $1,473,254       103,677,951 
                   
LIABILITIES AND STOCKHOLDERS’ DEFICIT:                  
                   
Current Liabilities:                  
Promissory note – related party  $133,533   $(133,533)  c.  $- 
Total Current Liabilities   133,533    (133,533)      - 
                   
Deferred underwriting commission   3,500,000    55,674   h.   3,555,674 
                   
Total Liabilities   3,633,533    (77,859)      3,555,674 
                   
Commitments and Contingencies                  
                   
Common stock subject to possible redemption; 10,159,069 (at $10.10 per share)   101,000,000    1,590,690   d.   102,606,597 
         15,907   f.     
                   
Stockholders’ Deficit:                  
Preferred Stock, $0.000001 par value; 1,000,000 shares authorized; none issued and outstanding   -    -       - 
Common Stock, $0.000001 par value, 100,000,000 shares authorized; 3,321,358 issued and outstanding1 (excluding 10,159,069 shares subject to possible redemption)   4    0   e.   3 
         (0)  l.     
Additional paid-in capital   -    47,721   e.   - 
         (15,907)  f.     
         (55,674)  h.     
         (31,814)  j.     
         55,674   k.     
Accumulated deficit   (2,428,840)   190   b.   (2,484,324)
         (55,674)  k.     
                   
Total Stockholders’ Deficit   (2,428,836)   (55,484)      (2,484,320)
                   
Total Liabilities and Stockholders’ Deficit  $102,204,697   $1,473,254      $103,677,951 

 

 
 

 

Broad Capital Acquisition Corp.

Pro Forma Balance Sheet

(unaudited)

 

NOTE 1. CLOSING OF OVERALLOTMENT OPTION AND ADDITIONAL PRIVATE PLACEMENT

 

The accompanying unaudited Pro Forma Balance Sheet presents the Balance Sheet of Broad Capital Acquisition Corp. (the “Company”) as of January 13, 2022, adjusted for the closing of the underwriters’ partial exercise of its over-allotment option and related transactions which occurred on February 10, 2022, as described below.

 

The Company consummated its initial public offering (the “IPO”) of 10,000,000 units (the “Units”) on January 11, 2022, which closed on January 13, 2022. Each Unit consists of one share of common stock and one right to receive one-tenth (1/10) of one share of common stock upon the closing of a business combination.

 

In connection with the IPO, the underwriters were granted an option to purchase up to an additional 1,500,000 Units to cover over-allotments, if any. On February 10, 2022, the underwriters partially exercised the over-allotment option and purchased an additional 159,069 Units (the “Over-Allotment Units”), generating gross proceeds of $1,590,690 and forfeited the remainder of the option, which is 335,233 shares of common stock.

 

In connection with the closing and sale of the Over-Allotment Units and the additional Private Placement Units (together, the “Over-Allotment Closing”), a total of $1,606,596.90 in proceeds from the Over-Allotment Closing (which amount includes $31,813.80 of the Underwriters’ deferred discount) was placed in a U.S.-based trust account established for the benefit of the Company’s public shareholders, maintained by Continental Stock Transfer & Trust Company, acting as trustee.

 

Unaudited pro forma adjustments to reflect the partial exercise of the underwriters’ over-allotment option described above are as follows:

 

Pro forma entry   Debit   Credit 
a.    Cash     1,165,728      
     Subscription receivable           1,165,728
    To record transfer from escrow account back to operating account            
                 
b.   Cash     190      
    Bank service fee           190
    To record bank service fee reversal            
                 
c.   Promissory Note     133,533      
    Cash           133,533
    To record pay back of promissory note            
                 
d.   Cash     1,590,690      
    Common stock subject to possible redemption           1,590,690
    To record sale of 159,069 Overallotment Units at $10.00 per Unit            
                 
e.   Cash     44,721      
    Common Stock           0
    Additional paid-in capital           44,721
    To record sale of 4,472 Private Placement Units at $10.00 per unit            
                 
f.   Additional paid-in capital     15,907      
    Common stock subject to possible redemption           15,907
    To record Accretion of redemption value at $10.10 per unit            
                 
g.   Deferred offering costs     31,814      
    Cash           31,814
    To record payment of 2% of cash underwriting fee            
                 
h.   Additional paid-in capital     55,674      
    Deferred underwriting commission           55,674
    To record the liability for 3% deferred underwriting fees on overallotment option            
                 
i.   Cash in Trust     1,606,597      
    Cash           1,606,597
    To record the amount of Cash in Trust            
                 
j.   Additional paid-in capital     31,814      
    Deferred offering costs           31,814
    To record transfer of deferred offering costs in APIC deficit            
                 
k.   Retained earnings     55,674      
    Additional paid-in capital           55,674
    To record transfer of APIC deficit in Accumulated deficit            
                 
l.   Common Stock     0      
    Additional paid-in capital           0
    To record forfeited shares due to partial over-allotment