Aviation and aerospace SPAC Broad Capital Acquisition prices $100 million IPO

Broad Capital Acquisition, a blank check company targeting the aviation and aerospace industry, raised $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.

The company is led by CEO and Director Johann Tse, the founder of Aquarian Capital, which specializes in advising international M&A and investments. 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 plans to list on the Nasdaq under the symbol BRACU. Chardan Capital Markets acted as sole bookrunner on the deal.