Kingswood Acquisition announced that it is exercising its option to extend the time available to close a business combination to Nov. 24 and deposited $60,969 into the trust account in consideration for the extension.
Kingswood earlier this month announced it has entered into a non-binding letter of intent for a merger with Wentworth Management Services.
Wentworth is a platform of RIAs/broker dealers which employ differentiated advisor business models with a shared support services backbone. Wentworth offers advisors the ability to choose between hybrid, independent and W2 advisor models, as well as the ability to utilize a variety of custody and clearing firms.
As of Dec. 31 Wentworth had over 1,500 advisors with over $20 billion of assets under management and over $375 billion of affiliated assets under management.
KWAC and Wentworth have completed due diligence and are in the process of negotiating definitive transaction documentation, the SPAC said. Read more.
