Openmarkets Group Pty Ltd, the father or mother firm of Openmarkets that gives buying and selling and wealth administration tech options, and NASDAQ-listed Broad Capital Acquisition Corp, have entered right into a definitive Settlement and Plan of Merger and Enterprise Mixture Settlement that upon closing will present the chance for OMG to turn into a publicly traded firm.
The transaction is anticipated to be accomplished within the second quarter of 2023, topic to regulatory approvals and different customary closing situations. As of the closing, the mixed entity, OMGL Holdings Ltd, an Australian public firm, is anticipated to be listed on the Nasdaq Capital Market.
The transaction displays an estimated proforma enterprise worth for OMG of US$90 million, with one other potential US$20 million in earnout over 2 years (topic to attaining sure goal revenues), and marks an necessary step in OMG’s general progress and capital administration technique.
Dan Jowett, CEO of OMG, commented, “The transaction we introduced with BRAC at present is one other necessary milestone in OMG’s current trajectory. The BRAC board’s recognition of our ambition via this merger will enable us to amplify our progress plans, develop our attain into new markets and wealthtech verticals, and proceed to strengthen our disruptive B2B options for fintechs and finance professionals.”
Johann Tse, CEO of BRAC, added, “OMG is an thrilling Australian Fintech firm and completely positioned to capitalize on evolving business dynamics reminiscent of the expansion in unbiased recommendation corporations, inbound/outbound Asian fairness markets enlargement and the intergenerational switch of wealth. We stay up for working with the OMG group in attaining their mission of strengthening their market main place in Australia and turning into a frontrunner in worldwide markets.”
As a part of the transaction, OMG will retain its skilled administration group, led by CEO Dan Jowett. The board of administrators of the mixed firm will encompass seven administrators, of whom two people might be designated by BRAC and of whom 5 people might be designated by OMG.
