Broad Capital Acquisition, a blank check company targeting the aviation and aerospace industry, filed on Thursday with the SEC to raise up to $100 million.
The Plano, TX-based company plans to raise $100 million by offering 10 million units at $10. Each unit consists of one share of common stock and one right to receive one-tenth of a share upon the completion of an initial business combination. At the proposed deal size, Broad Capital Acquisition would command a market value of $129 million.
The company is led by CEO and Director Johann Tse, the founder of Aquarian Capital, which advises corporate buyers and sellers worldwide on M&A transactions. The company plans to target businesses engaged with emerging and transformational technologies, focusing particularly on those operating within the general aviation and aerospace industry, and the unmanned aircraft systems and advanced air mobility industries.
Broad Capital Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol BRACU. Chardan Capital Markets is the sole bookrunner on the deal.
