Shareholders of Kingswood Acquisition Corp., the particular objective acquisition firm sponsored by the main shareholders in British wealth administration agency Kingswood Group and a sister firm to Kingswood U.S., voted to approve its merger with dealer/vendor aggregator Wentworth Administration Providers.
As soon as the deal is closed, the SPAC’s former shareholders will personal about 21% of the excellent shares, whereas Wentworth’s former stockholders will personal about 79% of the excellent shares within the new firm. The mixed agency will function as Binah Capital Group and commerce on the Nasdaq beneath the image BCG.
A spokesman for Kingswood declined to remark.
Kingswood launched its SPAC in November 2020, asserting it had efficiently raised $115 million in its preliminary public providing and would use proceeds from the general public markets to put money into U.S.-based RIAs and wealth administration companies. Larry Roth, former CEO of Cetera Monetary Group, was introduced in as lead director.
In July 2022, Wentworth, which owns 4 unbiased dealer/sellers, entered into an settlement to merge with the SPAC, in a deal that may take the agency public. The 2 will merge beneath the newly created Binah Capital Group, which could have over 1,900 advisors and $25 billion in belongings. Binah will probably be a publicly traded holding firm, and Roth will function govt chairman of the agency. Wentworth and its dealer/vendor subsidiaries, together with PKS Investments, would be the market-facing manufacturers. Wentworth CEO Craig Gould will function Binah’s new chief govt, whereas David Shane, the previous chief monetary officer of Sanctuary Wealth, would be the firm’s CFO.
The capital raised from the IPO will probably be used to scrub up Wentworth’s stability sheet, rent extra advisors and develop the enterprise. An investor presentation outlined a lot of Wentworth referral companions, together with Dynasty Monetary Companions, Constancy, Charles Schwab and Focus Monetary Companions.
Ryan Morfin, who stepped down as CEO of Wentworth a yr in the past, was lately suspended by the Monetary Business Regulatory Authority for 5 months and fined $10,000 for participating in banking actions with out registering as an funding banking consultant or having the requisite examination. FINRA mentioned he additionally acted in a principal capability at his agency with out registering as such.
