Kingswood Acquisition once again postponed a shareholder vote on its proposed deadline extension. A meeting scheduled for Nov. 14 was pushed back until today. The SPAC in a press release said the meeting will now take place Nov. 23 as management tries to solicit the votes needed for the measure to pass. Kingswood wants a deadline extension until May 24, 2023.
The SPAC has a merger agreement with Wentworth Management Services, a broker-dealer aggregator. If the extension is approved, Wentworth has agreed to 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 in July 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.
