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Kingswood Acquisition Corp. (KWAC) has progressed its acquisition of Wentworth Management Services LLC by filing a registration statement and proxy statement with the SEC. This merger, announced on July 7, 2022, is set to close in the first half of 2023, pending shareholder approval. Notably, industry veteran Larry Roth will assume the role of Executive Chairman post-merger. Wentworth, which operates four broker-dealers across the U.S., aims to enhance its wealth management platform. The acquisition is expected to provide Binah, the resultant entity, with significant growth opportunities in the wealth management sector.
Kingswood Acquisition Corp. (KWAC) announced the suspension of its Class A common stock trading by the NYSE due to non-compliance with market capitalization standards. The delisting process will commence, but KWAC plans to transfer its listings to the OTC Markets Group on or about July 14, 2022. Additionally, KWAC is in the process of a merger with Binah Capital Group, expected to deliver shares and assume debts as part of the agreement. This merger aims to eventually list certain securities on a national exchange.
Kingswood Acquisition Corp. (KWAC) has announced a definitive agreement to merge with Wentworth Management Services, enabling Wentworth, a broker-dealer aggregator, to go public. The merger will create Binah Capital Group, expected to manage over $25 billion in assets with a pro forma enterprise value of $208 million. The transaction is projected to generate approximately $30 million in cash proceeds and is anticipated to close in Q4 2022, pending regulatory approvals.
Kingswood Acquisition Corp. (NYSE: KWAC.U) announced the appointment of David Hudd as Executive Director and General Counsel, effective February 19, 2022. Hudd, who has been a board member since November 2020, brings 40 years of global legal expertise to the role. His extensive background includes serving as Deputy CEO at Hogan Lovells and significant investment banking experience. The leadership change aims to leverage Hudd's industry knowledge as KWAC seeks to capitalize on market opportunities in the financial services sector.
Kingswood Acquisition Corp. (NYSE: KWAC.U, KWAC) received notice from the NYSE on May 25, 2021, regarding non-compliance with listing requirements due to a delayed 10-Q filing for Q1 2021. The Company had previously submitted a Notification of Late Filing on May 14, 2021, citing the need for additional time to prepare financial statements. While this notice does not affect the immediate listing of the Company's securities, it must regain compliance by November 24, 2021. The Company plans to file the Report by June 12, 2021.
