Kingswood Acquisition Corp. (KWAC) Signs LOI with Wentworth Management Services
by Nicholas Alan Clayton on 2022-05-13 at 9:57am

Kingswood (NASDAQ:KWAC) announced this morning that it has entered into a non-binding letter of intent (LOI) to combine with broker dealer service platform Wentworth ahead of an extension vote.

Wentworth describes itself as a “special purpose vehicle to acquire and hold interests in broker dealers” with a long-hold strategy meant to capture economies of scale to serve financial institutions and advisors. It currently has about 1,500 advisors on its network with $20 billion in assets under management.

Their approach is to allow smaller broker dealer shops options for exiting or recapitalizing their businesses while bringing them into Wentworth’s wider enterprise software network. This, in turn gives smaller firms access to retail capital markets and alternative investment products not normally available to wire-house advisors.

Little else is disclosed about Wentworth either in the parties’ press release or Wentworth’s website, and the two sides could walk away with nothing further being signed. In fact, because Kingswood has an extension vote set for five days from now on May 18, this news is a “teaser” in the classic sense. Additionally, because this deal is not at the “definitive agreement” stage, just a non-binding LOI, we at SPACInsider, do not considered this deal “announced”. As such, it will remain in the “Searching” category.

Nonetheless, the press release notes that the parties aim to sign a definitive agreement before the end of the quarter with a closing expected in the third quarter of 2022.

Kingswood likely hopes that the prospect of a specific deal will keep a few more shareholders around at it’s vote to at least see and hear more. The SPAC does not intend to make an additional contribution to its trust so news such as this is usually dropped to create interest in an environment of high redemptions.

Overall, SPACs that are searching or working on a still-pending business combination have seen an average of 47.4% of shares redeemed at extension votes since the start of the year. For now, Kingswood is trading even with its pro-rata trust value of $10.25.

Kingswood Acquisition Corp. (KWAC) Signs LOI with Wentworth Management Services
Recent Posts
by Nicholas Alan Clayton on 2025-07-14 at 12:51pm

Cayson Acquisition Corp. (NASDAQ:CAPN) has entered into a definitive agreement to combine with boutique investment firm Mango Financial for $300 million in equity consideration. Hong Kong-based Mango provides a range of M&A and equity capital markets advisory services to clients considering listings in China and the US. The combined company is expected to trade on...

by Nicholas Alan Clayton on 2025-07-14 at 11:13am

Trailblazer (NASDAQ:BLZRU) has filed for a $200 million SPAC to bring a first-time team to market with serial sponsor terms. The new SPAC is offering investors a 1/3 warrant in each unit and it is the first SPAC filed so far this month with 24 months on its initial transaction clock. All other July SPACs...

by Kristi Marvin on 2025-07-14 at 9:19am

This week, we speak with Kyivstar CEO Oleksandr Komarov about the company’s $2.2 billion dollar combination with Cohen Circle Acquisition Corp. I (NASDAQ:CCIR). Few companies have been had to forge themselves in the flames recently quite like Ukraine’s leading telecom and digital services provider Kyivstar. Now, Kyivstar is not only telling that story but pitching it to...

by Nicholas Alan Clayton on 2025-07-14 at 8:30am

At the SPAC of Dawn The market still has one full trading session before it adds Tuesday’s Core CPI reading and a variety of Fed comments to messaging it is already ingesting on US President Donald Trump’s ever-shifting tariff policy. SPACs are meanwhile continuing on with business as usual, with Cayson (NASDAQ:CAPN) announcing the third...

by Kristi Marvin on 2025-07-12 at 10:02am

Terms Tracker for the Week Ending July 11, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. One more IPO priced this week bringing July’s total to 8. However, there are still three more weeks left in the month so that number...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved