Broad Capital Acquisition Corp: debt financing — Broad Capital extends business combination deadline to Jan 2025; ~$31.5M redeemed

the required payment for each monthly extension period shall constitute the deposit by Broad Capital LLC (or its affiliates or permitted designees) into the Trust Account of $60,000 for each such one-month extension

At the Meeting, the Company’s stockholders approved an amendment to the Company’s Charter, as further amended on January 11, 2023 and June 12, 2023 (the “Extension Amendment Proposal ”), (a) to extend the date by which we have to consummate a business combination from January 13, 2024 (the “ Termination Date ”) by up to twelve (12) one-month extensions to January 13, 2025 (the “ Extended Date ”) and (b) to decrease the monthly extension fee from $150,000 (the “ Monthly Extension Loan ”) to the Adjusted Monthly Extension Loan commencing on January 13, 2024.

At the Meeting, the Company’s stockholders approved the Extension Amendment Proposal to (i) reduce the monthly extension fee to $60,000 for each such one-month extension commencing on January 13, 2024, and (ii) extend the Termination Date by up to twelve (12) one-month extensions to January 13, 2025 (or such earlier date as determined by the Company’s Board of Directors).

Also at the Meeting, the Company’s stockholders approved the Trust Amendment Proposal to amend the Company’s Trust Agreement, allowing the Company to extend the business combination period from January 13, 2024 to January 13, 2025, reduce the monthly extension fee, require Continental Stock Transfer & Trust Company to invest funds in an interest-bearing demand deposit account, and update certain defined terms in the Trust Agreement.