Company: BCG
Filing Date: 2025-09-08
Form Type: 424B3
Source: 0001104659-25-088309
Chunk: 175

Company: Binah Capital Group, Inc.
Filing Date: 2025-09-08
Form: 424B3
Chunk 175
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, 2025      |   |                 107,893 | ​ | $          | 2.04 |   |                500,000 | ​ | $          | 2.04 |
| Expected to vest - June 30, 2025 |   |                 107,893 | ​ | $          | 2.04 |   |                      — | ​ | $          |    — |

F-20

10. SHARE-BASED COMPENSATION (continued) The Company grants restricted stock awards and restricted stock units to its employees and officers. Restricted stock awards and stock units must vest or are subject to forfeiture; however restricted stock awards are included in shares outstanding upon grant and have the same dividend and voting rights as the Company’s common stock. The Company recognized $0.3 million of share-based compensation expense related to the vesting of the restricted stock awards and stock options during the three months ended June 30, 2025. As of June 30, 2025, total unrecognized cost for restricted stock units and stock options was $1.0 million and $0.3 million, which is expected to be recognized over the remaining period of 2.5 years.

| 11. | WARRANTS |

The following table summarizes the warrants outstanding as of June 30, 2025:

| ​                 | ​ |                  ​ |
| Class of Warrants |   | Number Outstanding |
| Public warrants   |   |         15,147,958 |

Each whole warrant entitles the registered holder to purchase one share of Class A common stock at a price of $11.50 per share. A holder may exercise its warrants only for a whole number of shares of Class A common stock. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. The Company may redeem the warrants at a price of $0.01 per share if the closing price of the Company’s Class A common stock equals or exceeds $18.00 per share for any 20 trading days within a 30-trading day period. The warrants will expire five years after the Closing Date or earlier upon redemption or liquidation. The warrants are classified as derivative liabilities under ASC Topic 480 or ASC Topic 815. At June 30, 2025, the fair value of the warrant liabilities is approximately $0.7 million and is included in accounts payable, accrued expenses and other liabilities on the accompanying condensed consolidated statements of financial condition. For the six months ended June