Kingswood Acquisition Corp. (KWAC) enters non-binding letter of intent for business combination between KWAC and Wentworth
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Kingswood Acquisition Corp. ("KWAC"), (NYSE: KWAC) has announced today that it has entered into a non-binding letter of intent for a business combination between KWAC and Wentworth Management Services LLC ("Wentworth"). Wentworth is a platform of RIAs/broker dealers which employ differentiated advisor business models with a shared support services backbone, providing optionality to their advisors and investors. 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. Wentworth's shared services platform allows advisors to run their business more efficiently and effectively. As of December 31, 2021, 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.
KWAC expects to announce additional details regarding the proposed business combination when a definitive agreement is executed, which is expected later in Q2'2022 and with a closing anticipated in Q3'2022.
No assurances can be made that the parties will successfully negotiate and enter into a definitive agreement, or that the proposed transaction will be consummated on the terms or timeframe currently contemplated, or at all. Any transaction would be subject to board and equityholder approval of both companies, regulatory approvals, and other customary conditions. KWAC is holding a special meeting of its shareholders on May 18, 2022 to approve an extension of time for KWAC to complete an initial business combination through November 24, 2022, and the proposed transaction would be subject to approval of such proposal by KWAC's shareholders.
About Kingswood Acquisition Corp.:
Kingswood Acquisition Corp. ("KWAC") is a blank check company incorporated under the laws of the State of Delaware on July 27, 2020 for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization, or similar business combination with one or more businesses.
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