Kingswood Acquisition Corp. (KWAC) Adjourns Extension Vote

Kingswood Acquisition Corp. (KWAC) Adjourns Extension Vote

Kingswood Acquisition Corp. (NYSE:KWAC) announced this morning that it is adjourning tomorrow’s special meeting from November 15, to November 18.

Similar to the issues Digital World (Nasdaq: DWAC) is having with its own extension vote, Kingswood disclosed that the meeting is being adjourned in order to solicit more votes toward the approval to further extend to May 24, 2023. This amendment would effectively provide the company an additional six months to complete its proposed merger.

In connection with the adjourned date, KWAC has also further extended the deadline for holders of the company’s common stock to submit their shares for redemption to November 16. KWAC intends to continue to solicit proxies for the meeting until November 18.

However, Kingswood’s Class A common shares, units, and warrants were delisted from the New York Stock Exchange (“NYSE”) in July after the company had fallen below the NYSE’s continued listing standard which requires a SPAC 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 news of the delisting came just days after Kingswood announced its $208 million combination with broker-dealer aggregator Wentworth Management Services LLC. New York City-based Wentworth Management Services LLC specializes in consolidating independent broker-dealers to capture economies of scale needed. It and Kingswood are to become wholly-owned subsidiaries of Binah Capital Group as a part of transaction.