Company: BCG
Filing Date: 2025-02-14
Form Type: S-1
Source: 0001410578-25-000143
Chunk: 44

Company: Binah Capital Group, Inc.
Filing Date: 2025-02-14
Form: S-1
Chunk 44
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,000 Class Common Stock help by the underwriter as compensation for services.

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(2)The pro forma capitalization excludes the following:

| ● | 8,666,425 unexercised public warrants |

| ● | 6,481,550 unexercised Private Placement Warrants |

| ● | 1,100,000 shares of Binah Capital Group, Inc. common stock held in escrow (the “Escrowed Shares”). Escrowed Shares are eligible for release if the volume weighted average price (“VWAP”) of Binah Capital Group, Inc. common stock exceeds $12.000 for 20 trading days within any 30-day trading period during the four-year period following March 15, 2024 (the “VWAP Condition”) or else the Escrowed Shares are forfeited. |

The Business Combination was accounted for as a reverse recapitalization, in accordance with GAAP. Under this method of accounting, KWAC will be treated as the “acquired” company for financial reporting purposes. Accordingly, the Business Combination will be treated as the equivalent of Wentworth issuing stock for the net assets of KWAC, accompanied by a recapitalization. The net assets of KWAC will be stated at historical cost, with no goodwill or other intangible assets recorded. Operations prior to the Business Combination will be those of Wentworth. Wentworth has been determined to be the accounting acquirer based on evaluation of the following facts and circumstances under both the no and maximum redemption scenarios:

| ● | Wentworth unit holders will have a relative majority of the voting power of Binah Capital Group, Inc.; |

| ● | The Binah Capital Group, Inc. Board will have seven members, and Wentworth’s unit holders will have the ability to nominate the majority of the members of the Binah Capital Group, Inc. Board; |

| ● | Wentworth’s senior management will comprise the senior management of Binah Capital Group, Inc. and be responsible for the day-to-day operations; and |

| ● | The intended strategy and operations of Binah Captial Group, Inc. will continue Wentworth’s current strategy and operations. |

Assumptions and estimates underlying the unaudited pro forma adjustments included in the unaudited pro forma condensed combined financial statements are described in the accompanying notes. The unaudited pro forma condensed combined financial information has been presented for illustrative purposes only and are not necessarily indicative of the operating results and financial position that would have been achieved had