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Kingswood Acquisition Corp. (KWAC) Adjourns Extension Vote Again

Kingswood Acquisition Corp. (KWAC) Adjourns Extension Vote Again

Nov 18, 2022 De-SPAC Votes and Redemptions, Headline Post, INTEL by Marlena Haddad

Kingswood Acquisition Corp. (NYSE:KWAC) announced yesterday afternoon that it is once again adjourning its special meeting.

The SPAC originally adjourned its special meeting on November 15, to November 18, and will now be adjourning the meeting again from November 18, to November 23.

Similar to Digital World (NASDAQ:DWAC), Kingswood is still having difficulties soliciting enough votes for the approval to extend its deadline to May 24, 2023 and will need more time to do so. If approved, the amendment would provide the company with 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 21.  KWAC plans to continue to solicit proxies for the meeting until November 23.

Kingswood announced its $208 million combination with broker-dealer aggregator Wentworth Management Services LLC on July 8, 2022. 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.

 

ByMarlena Haddad