Kingswood Acquisition Corp. Prices $100 Million Initial Public Offering
November 19 2020 - 6:24PM
Business Wire
Kingswood Acquisition Corp., a newly organized blank check
company formed as a Delaware corporation, today announced the
pricing of its initial public offering of 10 million units at an
offering price of $10.00 per unit, with each unit consisting of one
share of Class A common stock and three-fourths of a warrant, with
each whole warrant entitling the holder thereof to purchase one
share of Class A common stock at $11.50 per share. The units will
trade on the New York Stock Exchange under the ticker symbol
“KWAC.U” beginning November 20, 2020. Kingswood Acquisition Corp.
expects the initial public offering to close on November 24, 2020,
subject to customary closing conditions. Once the securities
comprising the units begin separate trading, the Class A common
stock and the warrants are expected to be traded on the NYSE under
the symbols “KWAC” and “KWAC WS,” respectively.
Oppenheimer & Co. Inc. is the sole bookrunning manager for
the IPO and Odeon Capital Group, LLC is the lead manager. Kingswood
Acquisition Corp. has granted the underwriters a 30-day option to
purchase up to 1,500,000 additional units at the IPO price to cover
over-allotments, if any.
A registration statement relating to the securities sold in the
initial public offering has been declared effective by the U.S.
Securities and Exchange Commission on November 19, 2020. The
offering is being made only by means of a prospectus. When
available, copies of the prospectus related to this offering may be
obtained from Oppenheimer & Co. Inc. at 85 Broad St., New York,
NY 10004 or by visiting EDGAR on the SEC’s website at
www.sec.gov.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Kingswood Acquisition Corp.
Kingswood Acquisition Corp. is a blank check company, also
commonly referred to as a special purpose acquisition company, or
SPAC, formed for the purpose of effecting a merger, share exchange,
asset acquisition, share purchase, reorganization or similar
business combination with one or more businesses or entities. The
Company intends to identify a target business in the financial
services industry with a focus on delivering differentiated
financial services in the wealth management, financial advisory and
investment management sectors to the mass affluent and private
client investor community. Kingswood Acquisition Corp. is led by
Gary Wilder, Group CEO of Kingswood (AIM: KWG) and Executive
Chairman of Kingswood US, who will serve as Executive Chairman and
Director, and Michael Nessim, President of Kingswood US and CEO of
Benchmark Investments, who will serve as CEO and Director.
Kingswood Acquisition Corp.’s Board of Directors includes Larry
Roth, managing partner of RLR Strategic Partners LLC, a consulting
firm to senior management teams, boards of directors and advisory
boards of wealth management firms and former Chief Executive
Officer of Cetera Financial Group.
Forward-Looking Statements
This press release contains statements that constitute
“forward-looking statements,” including with respect to the IPO and
search for an initial business combination. No assurance can be
given that the offering discussed above will be completed on the
terms described, or at all, or that the net proceeds of the
offering will be used as indicated. Forward-looking statements are
subject to numerous conditions, many of which are beyond the
control of the Company, including those set forth in the Risk
Factors section of the Company's registration statement and
preliminary prospectus for the IPO filed with the SEC. Copies are
available on the SEC's website, www.sec.gov. The Company undertakes
no obligation to update these statements for revisions or changes
after the date of this release, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20201119006357/en/
For media: Abby Aylman Cohen Greentarget 917-596-4758
acohen@greentarget.com
For investors: Gary Wilder Executive Chairman Kingswood
Acquisition Corp. +447770337995 gary.wilder@moorparkcapital.com
Michael Nessim Chief Executive Officer Kingswood Acquisition
Corp. 917-848-0971 mnessim@benchmarkinvestments.com
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