Company: BCG
Filing Date: 2025-02-14
Form Type: S-1
Source: 0001410578-25-000143
Chunk: 52

Company: Binah Capital Group, Inc.
Filing Date: 2025-02-14
Form: S-1
Chunk 52
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 the reclassification of approximately $1.1 million of common stock subject to possible redemption to permanent equity. |

| I. | Represents recapitalization of Wentworth’s Units and the issuance of 13.10 million shares of Binah Capital Group, Inc. Common Stock to Wentworth Unitholders as consideration for the reverse recapitalization. |

| J. | Reflects the reclassification of KWAC’s historical accumulated deficit. |

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| K. | Reflects the final redemption of approximately 0.4 million KWAC Public Shares for aggregate redemption payments of $5.3 million allocated to Common Stock and additional paid-in capital using par value $0.0001 per share and a redemption price of $13.15 per share. Additionally, reflects the redemption of |

| L. | Reflects trust activity subsequent to December 31, 2023 including the funding of the due from Sponsor for Trust Funding Account and additional trust deposits related to the extension by which the date Business Combination must be completed from February 24, 2024 to March 15, 2024. Additionally, reflects redemption of 11,026 Public Shares in connection with the extension by which the Business Combination must be completed from February 24, 2024 to March 15, 2024. |

| M. | Represents the repayment and restructuring of Wentworth’s Due to Members. |

Adjustments to Unaudited Pro Forma Condensed Combined Statement of Operations The pro forma adjustments included in the unaudited pro forma condensed combined statements of operations for the year ended December 31, 2023 are as follows: CC. Reflects the recognition of compensation expense related to the current independent directors of KWAC and the grant of Class A common stock to the independent directors. The stock was granted in October 2020 and November 2020 and the shares vest upon the consummation of the Business Combination. The stock was granted at fair value on the grant dates at $6.19 per share or an aggregate of $1.7 million for the 270,000 shares of Class A common stock. The aggregate amount paid for the acquired stock was approximately $0.2 million. The excess of fair value over the amount paid is approximately $1.5 million, which is reflected in the pro forma consolidated statement of operations for the for the year ended December 31, 2023. DD. The income tax expense impact of the transaction adjustments was determined by tax effecting the expected tax treatment of the individual elements of