Kingswood Acquisition today announced that it is adjourning its stockholders meeting originally scheduled for tomorrow and will reconvene Friday, Nov. 18. The SPAC in a press release siad it is working to secure enough votes to approve a merger deadline extension of six months, until May 24, 2023.
Kingswood shareholders in May approved a deadline extension until Nov. 24, but redemptions in connection with that vote topped 87%.
The SPAC has a merger agreement with Wentworth Management Services, a broker-dealer aggregator. If the extension is approved Friday, Wentworth would deposit up to $415,310.10 (30 cents a share) for the full six months of the extension period, or $69,218.35 per month.
Kingswood stock was delisted from the NYSE after it had fallen below the standard requiring a listed acquisition company to maintain an average global market capitalization of at least $50 million and average global market capitalization attributable to its publicly-held shares of at least $40 million — in each case over a consecutive 30 trading day period. The SPAC’s stock now lists on the OTC. Read more.
