Company: BCG
Filing Date: 2025-02-14
Form Type: S-1
Source: 0001410578-25-000143
Chunk: 170

Company: Binah Capital Group, Inc.
Filing Date: 2025-02-14
Form: S-1
Chunk 170
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 convened its special meeting of stockholders (the “Special Meeting”) at which the stockholders approved the Business Combination and related matters (See Note 2 – Business Combination). In connection with such extension and pursuant to the Merger Agreement, Wentworth agreed to deposit $ 69,218per month into the Trust Account through the Company’s extension date to March 15, 2024. For the year ended December 31, 2023, the Sponsor deposited $ 69,218and Wentworth deposited $ 622,965in the Trust Account for an aggregate amount of $ 692,183. Additionally, the Company owes the Trust Account $ 138,437related to the extension of the Combination Period to February 24, 2024.Subsequent to December 31, 2023, Wentworth deposited an amount to satisfy the amount owed to the Trust Account and the extension of the Combination Period to March 15, 2024. Liquidity, Capital Resources, and Going Concern As of December 31, 2023, the Company had cash of $ 111,675and working capital deficit of $ 5,047,754. On March 24, 2022, the Company and Sponsor entered into a convertible promissory note (the “Initial Convertible Promissory Note”) pursuant to which Sponsor agreed to loan the Company up to $ 1,500,000(such loans, the “Initial Working Capital Loans”). The Initial Convertible Promissory Note provides that, upon the consummation of a Business Combination, the Initial Working Capital Loans would either be repaid, without interest, or, at the Sponsor’s election, converted into additional Private Warrants at a price of $ 1.00per Private Warrant. If a Business Combination is not consummated, the Initial Convertible Promissory Note provides that the Company will use a portion of proceeds held outside the Trust Account to repay the Initial Working Capital Loans, but noproceeds held in the Trust Account would be used for such purposes. As of December 31, 2023 and December 31, 2022, $ 1,500,000, was drawn on the Initial Convertible Promissory Note, presented at its fair value of $ 1,645,525, and $ 1,351,662, respectively. On October 6, 2023, the Company and the Sponsor amended and restated the Initial Convertible Promissory Note and entered into an additional convertible prom