# EDGAR Filing Document

**Accession Number:** 0001865120
**File Stem:** 0001493152-23-001496
**Filing Date:** 2023-1
**Character Count:** 31332
**Document Hash:** 8f3399481a4f975f10b0b1bd320853cf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-23-001496.hdr.sgml**: 20230117

**ACCESSION NUMBER**: 0001493152-23-001496

**CONFORMED SUBMISSION TYPE**: 425

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20230117

**DATE AS OF CHANGE**: 20230113

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Broad Capital Acquisition Corp
- **CENTRAL INDEX KEY:** 0001865120
- **STANDARD INDUSTRIAL CLASSIFICATION:** BLANK CHECKS [6770]
- **IRS NUMBER:** 863382967
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 425
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41212
- **FILM NUMBER:** 23530000

**BUSINESS ADDRESS:**
- **STREET 1:** 18351 COLIMA ROAD
- **STREET 2:** SUITE 2896
- **CITY:** ROWLAND HEIGHTS
- **STATE:** CA
- **ZIP:** 91748
- **BUSINESS PHONE:** 469-951-3088

**MAIL ADDRESS:**
- **STREET 1:** 18351 COLIMA ROAD
- **STREET 2:** SUITE 2896
- **CITY:** ROWLAND HEIGHTS
- **STATE:** CA
- **ZIP:** 91748
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Broad Capital Acquisition Corp
- **CENTRAL INDEX KEY:** 0001865120
- **STANDARD INDUSTRIAL CLASSIFICATION:** BLANK CHECKS [6770]
- **IRS NUMBER:** 863382967
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 425

**BUSINESS ADDRESS:**
- **STREET 1:** 18351 COLIMA ROAD
- **STREET 2:** SUITE 2896
- **CITY:** ROWLAND HEIGHTS
- **STATE:** CA
- **ZIP:** 91748
- **BUSINESS PHONE:** 469-951-3088

**MAIL ADDRESS:**
- **STREET 1:** 18351 COLIMA ROAD
- **STREET 2:** SUITE 2896
- **CITY:** ROWLAND HEIGHTS
- **STATE:** CA
- **ZIP:** 91748

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): <u>January 10, 2023</u>

**Broad Capital Acquisition Corp**

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of incorporation)

<u>001-41212</u> <u>86-3382967</u> <br> (Commission File Number) (IRS Employer Identification No.)

5345 Annabel Lane, Plano, TX 75093

(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code (469) 951-3088

(Former name or former address, if changed since last report)

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 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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 1.01.** | **Entry into a Material Definitive Agreement.** |

---

 ****

***Amendment of Trust Agreement***

On January 13, 2022, Broad Capital Acquisition Corp, a blank check company incorporated in the State of Delaware (the "***Company***"), consummated its initial public offering (the "***Offering***"). In connection therewith, the Company entered into an Investment Management Trust Agreement, dated January 10, 2022 (the "***Trust Agreement***"), by and between the Company and Continental Stock Transfer & Trust Company, as trustee ("***Continental***"). The form of the Trust Agreement was initially filed as an exhibit to the Company's Registration Statement on Form S-1 (File No. 333-258943) for the Offering.

On January 10, 2023, at 10:30 a.m. ET, the Company held a virtual special meeting of its stockholders at https://www.cstproxy.com/broadcapitalacquisition/2023, pursuant to due notice (the "***Stockholders Meeting***"). At the Stockholders Meeting, the Company's stockholders entitle to vote at the meeting cast their votes and approved a proposal to amend the Trust Agreement to amend the Trust Agreement, allowing the Company to extend the Termination Date (as described in Item 5.03 below, which description is incorporated herein by reference) for an additional nine one (1) month extensions until October 13, 2023 (the "***Trust Amendment***"), by depositing into the Trust Account an additional $0.0625 per share for each one-month until October 13, 2023 unless the Closing of the Company's initial business combination shall have occurred.

The foregoing summary of the amendment to the Trust Agreement is qualified by the full text of the Amendment No. 1 to Investment Trust Agreement dated January 10, 2023 by and between the Company and Continental included as Exhibit 10.1 hereto, which is incorporated herein by reference.

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| | |
|:---|:---|
| **Item 3.03.** | **Material Modification to Rights of Security Holders.** |

---

 ****

***Amendment of Certificate of Incorporation***

As described in Item 5.03 below, which description is incorporated herein by reference, the stockholders of the Company approved the First Amendment to the Amended and Restated Certificate of Incorporation of the Company at the January 10, 2023 Stockholders Meeting, and the Company subsequently filed the First Amendment to the Amended and Restated Certificate of Incorporation with the Secretary of State for the State of Delaware.

---

| | |
|:---|:---|
| **Item 5.03.** | **Articles of Incorporation or Bylaws.** |

---

The stockholders of the Company approved the First Amendment to the Amended and Restated Certificate of Incorporation of the Company (the "***Charter Amendment***") at the January 10, 2023 Stockholders Meeting, changing the structure and cost of the Company's right to extend the date (the "***Termination Date***") by which the Company (i) consummate a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination involving the Company and one or more businesses, which we refer to as a "business combination," (ii) cease its operations if it fails to complete such business combination, and (iii) redeem or repurchase 100% of the Company's common stock included as part of the units sold in the Company's initial public offering that closed on January 13, 2022 (the "***IPO***") which is currently January 13, 2023 unless extended.

The Charter Amendment allows the Company to extend the Termination Date by up to nine (9) one-month extensions to October 13, 2023 (each of which we refer to as an "***Extension***", and such later date, the "***Extended Deadline***") provided that (i) the Sponsor (or its affiliates or permitted designees) will deposit into the Trust Account an additional $0.0625 per share for each month until October 13, 2023, unless the closing of the Company's initial business combination shall have occurred (the "Extension Payment") in exchange for a non-interest bearing, unsecured promissory note payable upon consummation of a business combination and (ii) the procedures relating to any such extension, as set forth in the Trust Agreement, shall have been complied with. Without the Charter Amendment, the Company would have been required to obtain extensions in up to two three-month increments at a cost of $1,015,906.90 each.

Following receipt of shareholder approval of the Charter Amendment, the Company filed the First Amendment to the Amended and Restated Certificate of Incorporation with the Secretary of State for the State of Delaware. The foregoing summary is qualified by the full text of the First Amendment to the Amended and Restated Certificate of Incorporation which is included as Exhibit 3.1 hereto, which is incorporated herein by reference.

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| | |
|:---|:---|
| **Item 5.07.** | **Submission of Matters to a Vote of Security Holders.** |

---

On January 10, 2023, at 10:30 a.m. ET, the Company held a virtual special meeting of its stockholders at https://www.cstproxy.com/broadcapitalacquisition/2023, pursuant to due notice. On the record date of December 16, 2022, the Company had 13,149,966 shares entitled to vote at the special meeting. At the special meeting, holders of the Company's stock (the "***Stockholders***") voted on two of the three proposals presented, the Extension Amendment Proposal and the Trust Amendment Proposal each as described in the proxy statement dated December 28, 2022. The Stockholders entitled to vote at the special meeting cast their votes as described below:

**Proposal 1- Extension Amendment Proposal**

The Stockholders approved the proposal (the "***Extension Amendment Proposal***") to change the structure and cost of the Company's right to extend the date (the "***Termination Date***") by which the Company (i) consummate a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination involving the Company and one or more businesses, which we refer to as a "business combination," (ii) cease its operations if it fails to complete such business combination, and (iii) redeem or repurchase 100% of the Company's common stock included as part of the units sold in the Company's IPO from January 13, 2023 by up to nine (9) one-month extensions to October 13, 2023 provided that (i) the Sponsor (or its affiliates or permitted designees) will deposit into the Trust Account an additional $0.0625 per share for each month until October 13, 2023, unless the closing of the Company's initial business combination shall have occurred (the "Extension Payment") in exchange for a non-interest bearing, unsecured promissory note payable upon consummation of a business combination and (ii) the procedures relating to any such extension, as set forth in the Trust Agreement, shall have been complied with. The following is a tabulation of the voting results:

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| | | | |
|:---|:---|:---|:---|
| **Votes For** | **Votes Against** | **Abstentions** | **Broker Non-Votes** |
| 9,764,728 (74.25%) | 325,114 (2.47%) |  |  |

---

**Proposal 2 - Trust Amendment Proposal**

The Stockholders approved the proposal to amend the Company's Trust Agreement with Continental (the "***Trust Amendment Proposal***"), pursuant to which the Company's Trust Agreement with Continental was amended to conform the procedures in the Trust Agreement by which the Company may extend the date on which Continental must liquidate the Trust Account if the Company has not completed its initial business combination to the procedures in the Charter Amendment approved in the Extension Amendment Proposal. The following is a tabulation of the voting results:

Common Stock:

---

| | | | |
|:---|:---|:---|:---|
| **Votes For** | **Votes Against** | **Abstentions** | **Broker Non-Votes** |
| 9,764,728 (74.25%) | 325,114 (2.47%) |  |  |

---

**Proposal 3 – Adjournment Proposal**

The third proposal to adjourn the Shareholder Meeting (the "***Adjournment Proposal***"), was not presented at the Stockholders Meeting since the Extension Amendment Proposal and the Trust Amendment Proposal received sufficient favorable votes to be adopted.

---

| | |
|:---|:---|
| **Item 7.01.** | **Regulation FD Disclosure.** |

---

A press release describing the Stockholders Meeting, its results, and the first extension is attached hereto as Exhibit 99.1.

---

| | |
|:---|:---|
| **Item 8.01.** | **Other Events.** |

---

 ****

***Redemption of Public Shares***

In connection with the approval of the Extension Amendment Proposal and the Trust Amendment Proposal at the Stockholders Meeting, holders of 4,227,461 of the Company's shares (the "***Public Shares***") exercised their right to redeem those shares for cash at an approximate price of $10.25 per share, for an aggregate of approximately $43.35 million. Following the payment of the redemptions, the Trust Account will have a balance of approximately $60.83 million before the deposit of funds by the Company as described in the following paragraph.

 ****

***First One-Month Extension and Deposit of Extension Funds***

Also in connection with approval of the Extension Amendment Proposal and the Trust Amendment Proposal, the Company elected to obtain the first 1-month extension to the Termination Date, which extends its deadline to complete its initial business combination from January 13, 2023 to February 13, 2023 and which will give the Company additional time to complete a business combination. The Company caused $0.0625 per share for each Public Share outstanding after giving effect to the redemptions disclosed above, or approximately $370,725.50, to be deposited in the Trust Account. Such funds were provided by our Sponsor or its designees pursuant to the Extension Loan described in the proxy statement dated December 28, 2022.

---

| | |
|:---|:---|
| **Item 9.01.** | &nbsp;&nbsp;**Exhibits.** |

---

---

| | |
|:---|:---|
| **Exhibit Number** | **Description of Exhibit** |
| 3.1 | [First Amendment to the Amended and Restated Certificate of Incorporation of the Company dated January 10, 2023.](ex3-1.htm) |
| 10.1 | [Amendment No. 1 to Investment Management Trust Agreement dated January 10, 2023 by and between the Company and Continental Stock Transfer and Trust Company.](ex10-1.htm) |
| 99.1 | [Press Release](ex99-1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**<u>SIGNATURES</u>**

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

---

| | | |
|:---|:---|:---|
|  | **BROAD CAPITAL ACQUISITION CORP** | **BROAD CAPITAL ACQUISITION CORP** |
| Date: January 13, 2023 | By: | */s/ Johann Tse* |
|  |  | Johann Tse |
|  |  | Chief Executive Officer |

---

## Exhibit 3.1

**Exhibit 3.1**

**FIRST AMENDMENT TO THE**

**AMENDED AND RESTATED CERTIFICATE OF INCORPORATION OF**

**BROAD CAPITAL ACQUISITION CORPORATION**

**Pursuant to Section 242 of the Delaware General Corporation Law**

**BROAD CAPITAL ACQUISITION CORPORATION** (the "Corporation"), a corporation organized and existing under the laws of the State of Delaware, does hereby certify as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. The name of the Corporation
 is Broad Capital Acquisition Corporation. The Corporation's Certificate of Incorporation was filed in the office of the Secretary
 of State of the State of Delaware on April 16, 2021 (the "Original Certificate"). An Amended and Restated Certificate
 of Incorporation was filed in the office of the Secretary of State of the State of Delaware on January 10, 2022 (the "Amended
 and Restated Certificate of Incorporation").

2. This Amendment to the Amended
 and Restated Certificate of Incorporation amends the Amended and Restated Certificate of Incorporation of the Corporation.

3. This Amendment to the Amended
 and Restated Certificate of Incorporation was duly adopted by the affirmative vote of the holders of 65% of the stock entitled to
 vote at a meeting of stockholders in accordance with the provisions of Section 242 of the General Corporation Law of the State of
 Delaware (the "DGCL").

4. Section 9.1(c) is hereby
 added to Article IX as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that the Corporation
 has not consummated an initial Business Combination within 12 months from the date of the closing of the Offering, upon the Sponsor's
 request, the Corporation may extend the period of time to consummate a Business Combination by an additional nine months, provided
 that (i) the Sponsor (or its affiliates or permitted designees) will deposit into the Trust Account an additional $0.0625 per share
 for each such one-month extension until October 13, 2023, unless the Closing of the Company's initial business combination
 shall have occurred for such extension in exchange for a non-interest bearing, unsecured promissory note payable upon consummation
 of a Business Combination and (ii) the procedures relating to any such extension, as set forth in the Trust Agreement, shall have
 been complied with. The gross proceeds from the issuance of such promissory note(s) shall be held in the Trust Account and used to
 fund the redemption of the Offering Shares in accordance with Section 9.2.

**IN WITNESS WHEREOF**, Broad Capital Acquisition Corporation has caused this Amendment to the Amended and Restated Certificate to be duly executed in its name and on its behalf by an authorized officer as of this 11th day of January 2023.

---

| | |
|:---|:---|
| **BROAD CAPITAL ACQUISITION CORPORATION** | **BROAD CAPITAL ACQUISITION CORPORATION** |
| By: | */s/ Johann Tse* |
| Name: | Johann Tse |
| Title: | Chief Executive Officer |

---

## Exhibit 10.1

**Exhibit 10.1**

**<u>AMENDMENT NO. 1 TO THE</u>**

**<u>INVESTMENT MANAGEMENT TRUST AGREEMENT</u>**

This Amendment No. 1 (this "Amendment"), dated as of January 10, 2023, to the Investment Management Trust Agreement (as defined below) is made by and between Broad Capital Acquisition Corp. (the "Company") and Continental Stock Transfer & Trust Company, as trustee ("Trustee"). All terms used but not defined herein shall have the meanings assigned to them in the Trust Agreement.

WHEREAS, the Company and the Trustee entered into an Investment Management Trust Agreement dated as of January 10, 2022 (the "Trust Agreement");

WHEREAS, Section 1(i) of the Trust Agreement sets forth the terms that govern the liquidation of the Trust Account under the circumstances described therein;

WHEREAS, at a special meeting of the Company held on January 10, 2023, the Company's stockholders approved (i) a proposal to amend the Company's amended and restated certificate of incorporation (the "Amended and Restated Certificate of Incorporation") extending the date by which the Company has to consummate a business combination from January 13, 2023, to October 13, 2023; and (ii) a proposal to amend the Trust Agreement requiring the Company to, deposit into the Trust Account an additional $0.0625 per share for each such one-month extension for a total of nine one (1) month extensions until October 13, 2023, unless the Closing of the Company's initial business combination shall have occurred, subject to the terms and conditions of the Amended and Restated Certificate of Incorporation, and the Trust Agreement, and updating related defined terms; and

NOW THEREFORE, IT IS AGREED:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Section 1(i) of the Trust Agreement is hereby amended and restated in its entirety as follows:

"(i) Commence liquidation of the Trust Account only after and promptly after (x) receipt of, and only in accordance with, the terms of a letter from the Company ("Termination Letter") in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B, as applicable, signed on behalf of the Company by at least two of its Chief Executive Officer, Chief Financial Officer, President, Executive Vice President, Vice President, Secretary or Chairman of the board of directors of the Company (the "Board") or other authorized officer of the Company, and, in the case of a Termination Letter in a form substantially similar to the attached hereto as Exhibit A, acknowledged and agreed to by the Representative, and complete the liquidation of the Trust Account and distribute the Property in the Trust Account, including interest not previously released to the Company to pay its taxes (less up to $20,200 of interest that may be released to the Company to pay dissolution expenses), only as directed in the Termination Letter and the other documents referred to therein, or (y) the date which is the later of (1) 12 months after the closing of the Offering or up to 21 months after the closing of the Offering if the Company exercises the nine one-month extensions described in the Company's Amended and Restated Certificate of Incorporation, as it may be further amended, and (2) such later date as may be approved by the Company's stockholders in accordance with the Company's amended and restated certificate of incorporation ("Charter") if a Termination Letter has not been received by the Trustee prior to such date, in which case the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter attached as Exhibit B and the Property in the Trust Account, including interest not previously released to the Company to pay its taxes (less up to $20,200 of interest that may be released to the Company to pay dissolution expenses) shall be distributed to the Public Stockholders of record as of such date; provided, however, that in the event the Trustee receives a Termination Letter in a form substantially similar to Exhibit B hereto, or if the Trustee begins to liquidate the Property because it has received no such Termination Letter by the date specified in clause (y) of this Section 1(i), the Trustee shall keep the Trust Account open until twelve (12) months following the date the Property has been distributed to the Public Stockholders;"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A new Section 1(m) shall be added as follows:

"(m) Upon receipt of an extension letter ("Extension Letter") substantially similar to Exhibit E hereto at least five business days prior to the application termination date (as may be extended in accordance with Section 1(i)), signed on behalf of the Company by an executive officer, and receipt of the dollar amount specified in the Extension Letter on or prior to such termination date (if and as applicable), to follow the instructions set forth in the Extension Letter."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The following defined term in the Trust Agreement shall be amended and restated in their entirety:

"Trust Agreement" shall mean that certain Investment Management Trust Agreement dated January 10, 2022, between Broad Capital Acquisition Corp. and Continental Stock Transfer & Trust Company, as amended by the First Amendment to Investment Management Trust Agreement dated , 2022."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The term "Property" shall be deemed to include any Extension Fee paid to the Trust Account in accordance with the terms of the Amended and Restated Certificate of Incorporation and the Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A new Exhibit E of the Trust Agreement is hereby added as follows:

[Letterhead of BRAC]

[Insert date]

Continental Stock Transfer & Trust Company 1

State Street, 30th Floor

New York, N.Y. 10004

Attn: Francis Wolf and Celeste Gonzalez

Re: Trust Account — Extension Letter

Gentlemen:

Pursuant to paragraphs 1(j) and 1(m) of the Investment Management Trust Agreement between Broad Capital Acquisition Corp. ("Company") and Continental Stock Transfer & Trust Company ("Trustee"), dated as of January 10, 2022, as amended by the First Amendment dated [ ], 2023 ("Trust Agreement"), this is to advise you that the Company is extending the time available in order to consummate a Business Combination with the Target Businesses for an additional one month, from [ ], 2023 to [ ], 2023 (the "Extension"). Capitalized words used herein and not otherwise defined shall have the meanings ascribed to them in the Trust Agreement. This Extension Letter shall serve as the notice required with respect to Extension prior to the Applicable Deadline. In accordance with the terms of the Trust Agreement, we hereby authorize you to deposit the Extension Fee in the amount equal to $0.0625 per share for each such one-month extension until October 13, 2023, unless the Closing of the Company's initial business combination shall have occurred, which will be wired to you, into the Trust Account investments upon receipt.

Very truly yours,

---

| | |
|:---|:---|
| **BROAD CAPITAL ACQUISITION CORP.** | **BROAD CAPITAL ACQUISITION CORP.** |
| By: |  |
| Name: | Johann Tse |
| Title: | Chief Executive Officer |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. All other provisions of the Trust Agreement shall remain unaffected by the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. This Amendment may be signed in any number of counterparts, each of which shall be an original and all of which shall be deemed to be one and the same instrument, with the same effect as if the signatures thereto and hereto were upon the same instrument. A facsimile signature or electronic signature shall be deemed to be an original signature for purposes of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. This Amendment is intended to be in full compliance with the requirements for an Amendment to the Trust Agreement as required by Section 6(c) and Section 6(d) of the Trust Agreement, and every defect in fulfilling such requirements for an effective amendment to the Trust Agreement is hereby ratified, intentionally waived and relinquished by all parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. This Amendment shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.

IN WITNESS WHEREOF, the parties have duly executed this First Amendment to the Investment Management Trust Agreement as of the date first written above.

---

| | |
|:---|:---|
| CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee | CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee |
| By: | */s/ Francis Wolf* |
| Name: | Francis Wolf |
| Title: | Senior Vice President and Director of Shareholder Services |
| BROAD CAPITAL ACQUISITION CORP. | BROAD CAPITAL ACQUISITION CORP. |
| By: | */s/ Johann Tse* |
| Name: | Johann Tse |
| Title: | Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**Broad Capital Acquisition Corp Announces Charter and Trust Agreement Amendments and Extension of Deadline to Complete a Business Combination to February 13, 2023**

**Plano, Texas -** January 13, 2023 — Broad Capital Acquisition Corp (NASDAQ: BRAC, BRACR, BRACU) ("***BRAC***"), a special purpose acquisition company formed by Broad Capital LLC, announced today that its stockholders approved amendments to its charter and trust agreement to change the structure and cost of how BRAC can obtain extensions to the deadline to complete its initial business combination and that BRAC obtained the first of up to nine 1-month extensions of the deadline—from January 13, 2023 to February 13, 2023—by depositing $370,725.50 into its trust account (the "***Trust Account***") with Continental Stock Transfer and Trust Company ("***Continental***").

BRAC's stockholders, at a virtual general meeting of stockholders held January 10, 2023, approved amendments to BRAC's Amended and Restated Certificate of Incorporation (the "***Charter Amendment***") and BRAC's Investment Management Trust Agreement dated January 10, 2022 with Continental (the "***Trust Agreement Amendment***") to change how BRAC can obtain extensions to the previously applicable January 13, 2023 deadline to complete its initial business combination. Prior to the amendments, BRAC could obtain up to two 3-month extensions by depositing $1,015,906.90 for each extension into its Trust Account by the deadline applicable prior to the extension. The amendments allow BRAC to instead obtain up to nine 1-month extensions by depositing $0.0625 per outstanding public share into the Trust Account by the deadline applicable prior to the extension.

The Charter Amendment triggered a right of BRAC's public stockholders to demand the redemption of their public shares out of funds held in the Trust Account. Holders of 4,227,461 public shares properly requested redemption leaving 5,931,608 public shares outstanding. After payment of the redemption price to the redeeming public stockholders of approximately $10.25 per share for an aggregate of $43,354,304.31, BRAC will have approximately $60,831,013.71 left in its Trust Account.

As a consequence of adoption of the Charter Amendment and the Trust Agreement Amendment and the redemptions, BRAC can now obtain up to nine 1-month extensions to the deadline to complete its initial business combination at a cost of $370,725.50 per extension. In connection with the amendments, BRAC notified Continental that it was exercising its right to obtain the first extension and deposited $370,725.50 into the Trust Account. The Company obtained the funds through a loan from its Sponsor or its designees.

The Charter Amendment, Trust Agreement Amendment, and the first extension described above will provide BRAC with additional time to complete a business combination.

**About Broad Capital Acquisition Corp.**

Broad Capital Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company is led by its Chief Executive Officer, Johann Tse.

**Forward Looking Statements**

This press release includes forward-looking statements that involve risks and uncertainties. Forward looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements, including those set forth in the Risk Factors section of the Company's proxy statement filed on December 28, 2022 with the SEC. Copies are available on the SEC's website, <u>www.sec.gov</u>. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

**Contact**:

Broad Capital Acquisition Corp.

5345 Annabel Lane, Plano, Texas 75093

Johann Tse, Chief Executive Officer

Telephone No.: (469) 951-3088