WASHINGTON, D.C. — Nelson Mullins Riley & Scarborough LLP represented Broad Capital Acquisition Corp. (Broad Capital), a special-purpose acquisition company (SPAC), in its merger with Openmarkets Group Pty Ltd. (Openmarkets) – a company also known as OMG. The deal values Openmarkets at $90 million and was guided by a team of Nelson Mullins attorney’s along with a group of business tech lawyers from an Australian firm. 

The deal is expected to close in the second quarter of 2023 and will make Openmarkets a publicly traded company that will be listed on the Nasdaq Capital Market. The total value of the deal could reach over $100 million because of another potential $20 million in earnout over the next two years. 

The Nelson Mullins team that guided the deal for Broad Capital Acquisition Corp. included partners Andy Tucker, Kathleen Deutsch, Tim Wagner, and Wells Hall, along with senior associate Adam Marshall and associate Victoria Moreno Pabón. The team was assisted by partners Nicole Hayden, Matt Zischke, Jim Rollins, and Rebekah McCorvey, along with senior associate Ashleigh Smaha and associate Katherine Coker, Michael Blankenship, Alyssa Nelson, and Justin Blair.

Openmarkets is an Australian retail brokerage firm that provides white-labelled tech solutions, according to its website. Broad Capital is a blank check company that aims to acquire one or more businesses and assets via mergers, capital stock exchanges and more, according to Bloomberg.

Tucker is a corporate and securities advisor to growing companies, particularly in the technology and government contracting sectors. He assists his clients with a broad variety of transactional support, including venture capital and private equity transactions, joint ventures, mergers and acquisitions, and public and private securities offerings.

Deutsch advises corporate clients, including entrepreneurs, seeking workable, unique solutions to legal challenges that involve an acceptable amount of risk. She has represented a variety of both publicly and privately held businesses in mergers and acquisitions, public and private offerings of securities, joint ventures, and general corporate matters.

Wagner represents individuals and businesses in all aspects of tax controversy matters, as well as corporate transactions and tax planning, and general business advice. He represents clients in federal and state tax audits, tax litigation, and federal and state tax collection matters. Wagner also advises clients on mergers and acquisitions as well as overall business organizations and corporate structures.

Hall advises clients on the federal, state, and multi-state tax aspects of acquisitions, reorganizations, restructuring of business entities, and private equity transactions, and estate and gift tax planning in connection with such transactions.

Moreno Pabón advises private companies in the energy, telecommunications, and technology industries and provides counsel to domestic and international clients on a wide variety of corporate matters, including mergers and acquisitions, financings, strategic investments, and corporate formation and restructuring. She also assists clients with public and private securities offerings.

Marshall also advises clients on “Blue Sky” regulatory matters, Regulation D offerings, and Section 13 reporting requirements. He also has experience advising SPACs on their initial formation, their initial public offering, and their initial business combination.

Read the press release.