Kingswood Acquisition Corp. Announces Closing of $115 Million Initial Public Offering
November 24 2020 - 4:26PM
Business Wire
Kingswood Acquisition Corp. (NYSE: KWAC.U) (“KWAC” or the
“Company”) announced today the closing of its initial public
offering (“IPO”) of 11,500,000 units, including 1,500,000 units
issued to the underwriters upon the full exercise of their
over-allotment option, at a price to the public of $10.00 per unit.
The units began trading on The New York Stock Exchange (the “NYSE”)
under the symbol “KWAC.U” on November 20, 2020. Each unit issued in
the IPO consists of one share of Class A common stock and
three-fourths of one warrant, with each whole warrant entitling the
holder thereof to purchase one share of Class A common stock at
$11.50 per share upon the consummation of an initial business
combination. Once the securities comprising the units begin
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 book-running manager and
Odeon Capital, LLC is the lead manager for the IPO.
The offering is being made only by means of a prospectus. Copies
of the prospectus related to this offering may be obtained from
Oppenheimer & Co. Inc. at 85 Broad St., New York, NY 10004.
A registration statement relating to the securities was declared
effective by the Securities and Exchange Commission (“SEC”) on
November 19, 2020. This press release shall not constitute an offer
to sell or the solicitation of an offer to buy any securities, 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 KWAC
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 serves as Executive Chairman and
Director, and Michael Nessim, President of Kingswood US and CEO of
Benchmark Investments, who serves 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 search
for an initial business combination. 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/20201124006011/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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