The Latest SPAC News and Rumors: December 27, 2022

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. 

Latest SPAC News: Wentworth appoints Larry Roth as Executive Chairman, James Murdoch and Uday Shankar veer away from SPACs

Wentworth Management names industry veteran Larry Roth as post-close Executive Chairman

Upon completion of the business combination, wealth management industry leader Larry Roth will become executive chairman of the newly created firm, named Binah. Current Wentworth President Craig Gould will serve as Binah’s CEO, and David Shane, industry veteran and former CFO with Sanctuary Wealth will become Binah’s CFO.

Mr. Roth has previously served as Chief Executive Officer of AIG Advisor Group and Chief Executive Officer of Cetera Financial Group, two of the largest independent wealth management enterprises in the country.

Wentworth announced a combination agreement with Kingswood Acquisition Corp. (OTCE: KWAC) in July. The parties expect to close the transaction in the first half of 2023. The news of Roth’s appointment was joined by the update that Kingswood has filed a new S-4 for the deal.

James Murdoch-Uday Shankar ditch SPAC route for their M&A ventures

Seven Islands Inc, a special purpose acquisition company (SPAC) sponsored by James Murdoch and former STAR India CEO, Uday Shankar, has decided to abandon its earlier plan to raise $300 million through an initial public offering (IPO) in the US.

Seven Islands will now make their investments through Bodhi Tree Systems.