Broad Capital Acquisition Corp reported its financial results for the third quarter and nine months ended September 30, 2024, revealing significant changes in its financial position compared to the previous fiscal period. As of September 30, 2024, the company held cash of $30,680, an increase from $15,282 as of December 31, 2023. Total current assets rose to $50,930 from $44,373 in the prior period. However, total assets decreased sharply to $20,211,332 from $50,817,322, primarily due to a significant reduction in cash and marketable securities held in the trust account, which fell from $50,772,949 to $20,160,402.

Total current liabilities increased to $8,826,270 from $6,907,172, contributing to a rise in total liabilities from $10,462,846 to $12,381,944. The accumulated deficit also widened, reaching $(11,571,648) compared to $(9,740,663) at the end of 2023.

The company reported a loss from operations of $(218,995) for the three months ended September 30, 2024, a decrease from $(662,607) in the same period of 2023. For the nine months ended September 30, 2024, the loss from operations was $(1,423,310), down from $(2,118,291) year-over-year. Despite this improvement, net losses increased, with a net loss of $(108,671) for the third quarter of 2024 compared to $(185,725) in 2023. For the nine months, the net loss was $(1,025,807), up from $(497,939) in the previous year.

Interest earned on marketable securities also saw a decline, with $214,218 for the third quarter of 2024 compared to $636,580 in 2023. For the nine months, interest income dropped to $712,832 from $2,088,010.

Cash used in operating activities decreased to $(876,686) for the nine months ended September 30, 2024, from $(1,338,922) in the prior year. The company withdrew $31,187,408 from the trust account for the nine months ended September 30, 2024, compared to $58,403,139 in the same period of 2023.

Broad Capital Acquisition Corp has not commenced any operations as of September 30, 2024, and continues to focus on completing a business combination. The company entered into a merger agreement with Openmarkets Group Pty Ltd on January 18, 2023, which involves a redomestication merger moving its domicile from Delaware to Australia. This merger will convert existing shares and units into those of the purchaser, allowing public stockholders to redeem their shares without a vote.