Extracted from this filing and checked against the source text.
Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.95
Broad Capital Acquisition Corp: Amended the charter to extend the business combination deadline from October 13, 2023 to up to January 13, 2024 through three one-month extensions, and reduced the monthly extension fee from $0.0625 per public share to a fixed $150,000 per month (effective 2023-06-12).
- Change
- charter amendment
- Effective
- 2023-06-12
Exact text from the filing
On June 9, 2023, the Company held a Special Meeting of Stockholders (the “ Meeting ”). At the Meeting, the Company’s stockholders approved an amendment to the Company’s Charter, as further amended on January 11, 2023 (the “ Extension Amendment ” and such proposal the “Extension Amendment Proposal ”), to (a) to extend the date by which we have to consummate a business combination from October 13, 2023 (the “ Termination Date ”) by up to three (3) one-month extensions to January 13, 2024 (the “ Extended Date ”) and (b) to decrease the monthly extension fee from $0.0625 per share for each public share outstanding after giving effect to redemptions (in the aggregate, the “ Monthly Extension Loan ”) to, in the aggregate, the “Adjusted Monthly Extension Loan,” as defined below, commencing on June 13, 2023.
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Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.9
Broad Capital Acquisition Corp: Amended the trust agreement to allow a reduced monthly extension fee of $150,000 and extend the termination date by up to three one-month extensions until January 13, 2024, and updated certain defined terms (effective 2023-06-12).
- Effective
- 2023-06-12
Exact text from the filing
The Company also amended the Company’s investment management trust agreement (the “ Trust Agreement ”), dated as of January 10, 2022, as amended on January 10, 2023, by and between the Company and Continental Stock Transfer & Trust Company, allowing the Company reduce the amount of the Monthly Extension Loan to $150,000 for each one-month extension beginning on June 13, 2023 until January 13, 2024, and to extend the Termination Date for an additional three (3) one-month extensions until January 13, 2024, and to update certain defined terms in the Trust Agreement (the “ Second Amendment to the Trust Agreement ” and such proposal the “ Trust Amendment Proposal ”), a form of which is attached as Exhibit 3.2 to this report and is incorporated by reference herein.
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