Kingswood Acquisition Corp. (NYSE:KWAC) Class A common shares, units, and warrants were delisted from the New York Stock Exchange (“NYSE”) after market close this afternoon.
The regulatory team from the NYSE announced that it has immediately suspended the SPAC and has determined to begin the delisting process due to Section 802.01B of the NYSE’s Listed Company Manual. Kingswood 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.
KWAC will have a right to a review this determination by a Committee of the Board of Directors of the Exchange and an opportunity to appeal the decision once NYSE completes the necessary procedures with the SEC.
Kingswood brought an estimated $15.1 million into the transaction from its current trust and has not yet supplemented this with a PIPE. Its materials suggest that the parties intend to raise an additional $15 million from some additional mechanism yet to be announced, however.
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.
At the SPAC of Dawn As April’s sleepy month for SPAC news continues, there is only one special meeting on the docket to consider a SPAC deal approval, that being today’s vote on Pegasus Digital Mobility‘s (NYSE:PGSS) combination with equipment manufacturer Schmid. Three more SPACs are facing extension votes this week, including Pyrophyte (NYSE:PHYT), whose...
Terms Tracker for the Week Ending April 19, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Passover and school spring break starts next week, which most likely means a slowdown in SPAC filing activity. Although Churchill IX is now rumored to...
Despite a week of general pull-backs in the market, fintech firm Ibotta (NYSE:IBTA) nonetheless took the dive and had a good week debuting via a traditional IPO in the choppy waters. The company, which provides app-based consumer cashback discounts on purchases, priced its IPO at $88, above its proposed range of $76 to $84, and...
At the SPAC of Dawn Happy Friday! SPACInsider has unveiled new presets on SPAC Performance accessible via the Data drop-down to easily sort for the highest and lowest performing active SPACs and de-SPACs. On the de-SPAC side, Vertiv (NYSE:VRT) continues to be well ahead of the pack, logging a 710% return by share price adjusted...
AGBA (NASDAQ:AGBA) stock is up over +90% this morning following a +211% premarket spike on news it has signed a definitive agreement to combine with social streaming video platform Triller. AGBA, the company itself, was formed by the $555 million combination between a SPAC of the same name and TAG Companies, a financial services firm...