Kingswood Acquisition in a proxy filing wants shareholders to approve pushing its deal deadline with broker-dealer aggregator Wentworth from Aug. 24 to Nov. 24, whcih is the day after Thanksgiving. If the deal does not close by then, asuming another extension is approved, then the SPAC will liquidate.
The first extension was approved in November 2022.
At deal announcement a year ago, the combined entity is expected to encompass over 1,900 advisors, $25 billion AUM and over $285 billion in affiliated AUM.
The business combination was projected to generate approximately $30 million, which assumed 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 was cited at approximately $165 million, with a pro forma enterprise value of approximately $208 million.
The transaction had been expected to close in the fourth quarter of 2022. Read more.
