US stock futures edge lower after S&P 500 hits record high; PCE data in focus
Yakira Capital Management, Inc., a significant stakeholder in Broad Capital Acquisition Corp (NASDAQ:BRAC), recently sold a substantial portion of its holdings in the company. The transaction, which took place on January 21, involved the sale of 571,850 shares at a price of $11.86 per share, amounting to a total of approximately $6.78 million. The sale occurred as BRAC's stock trades near $11.70, with InvestingPro data showing the stock's RSI indicating overbought territory. The company's market capitalization currently stands at approximately $55 million.
Post-transaction, Yakira Capital no longer holds shares in Broad Capital, according to the filing. The shares were indirectly owned through entities advised by Yakira Capital, including Yakira Partners, L.P., Yakira Enhanced Offshore Fund Ltd., and MAP 136 Segregated Portfolio. Yakira Capital, serving as an investment advisor to these entities, exercised sole voting and investment discretion over the securities. InvestingPro analysis reveals concerning metrics for BRAC, including a weak financial health score and short-term obligations exceeding liquid assets, with a current ratio of just 0.01.
Nicholas Sabatini, the Chief Financial Officer and Chief Compliance Officer of Yakira Capital, signed off on the transaction, which was filed with the SEC on January 23. For investors seeking deeper insights, InvestingPro offers additional analysis with over 30 key metrics and exclusive ProTips for BRAC.
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