Company: BCG
Filing Date: 2025-02-14
Form Type: S-1
Source: 0001410578-25-000143
Chunk: 51

Company: Binah Capital Group, Inc.
Filing Date: 2025-02-14
Form: S-1
Chunk 51
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 pro forma combined provision for income taxes does not necessarily reflect the amounts that would have resulted had the Combined Company filed consolidated income tax returns during the periods presented. The pro forma basic and diluted loss per share amounts presented in the unaudited pro forma condensed combined statements of operations are based upon the number of the Combined Company’s shares outstanding, assuming the Business Combination occurred on January 1, 2023. Transaction Accounting Adjustments to Unaudited Pro Forma Condensed Combined Balance Sheet The adjustments included in the unaudited pro forma condensed combined balance sheet as of December 31, 2023 are as follows:

| A. | Represents the payment of Wentworth Class B Preferred at an amount of approximately $2.6 million. |

| B. | Represents the satisfaction of the KWAC promissory notes including any accrued interest to arrive at the Assumed Indebtedness amount per the Merger Agreement. In accordance with the Amended and Restated Promissory Note, the KWAC promissory notes was converted into the Class A common stock at the closing of the transaction. |

| C. | Reflects the reclassification of approximately $1.0 million of cash held in the Trust Account at the balance sheet date that became available at the closing of the Business Combination. |

| D. | Represents the proceeds from the sale of the Series A Redeemable Convertible Preferred Stock. |

| E. | Represents the repayment and restructuring of the Wentworth promissory notes. |

| F. | Represents the settlement of $4.025 million of deferred underwriters’ fees and the payment of the buy-side fees. |

| G. | Represents the transaction costs of $6.2 million, in addition to the deferred underwriting fees noted above, inclusive of advisory, banking, printing, legal and accounting fees that are expensed as a part of the Business Combination and equity issuance costs that are capitalized into additional paid-in capital. The unaudited pro forma condensed combined balance sheet reflects these costs as a reduction of cash of $6.2 million. Equity issuance costs of $0.755 million are offset to additional paid-in capital and the remaining balance is expensed through accumulated deficit. The costs expensed through accumulated deficit are included in the unaudited pro forma condensed combined statement of operations for the year ended December 31, 2023 as discussed below. Includes amounts included in accounts payable, accrued expenses and other liabilities in the amount of $4.4 million. |

| H. | Reflects