Kingswood Acquisition filed a proxy in which it proposes another deadline extension to close its merger deal with Wentworth Management Services, a broker-dealer aggregator.
If approved, the SPAC would have until May 24, 2023 to close the acquistion.
Terms call for KWAC and Wentworth to become wholly-owned subsidiaries of Binah Capital Group.
As announced, the business combination is projected to generate approximately $30 million, assuming no redemptions and an anticipated $15 million capital raise, which will be used to pay transaction expenses and provide growth capital for the business. The implied pro forma equity value of the combined company is expected to be approximately $165 million, with a pro forma enterprise value of approximately $208 million.
Kingswood shareholders in May approved a deadline extension until Nov. 24, but redemptions in connection with that vote topped 87%.
Once Kingswood’s market capitalization fellow below the NYSE minimum listing standard, the exchange delisted the SPAC’s stock. Kingswood now trades on the OTC. Read more.
