Company: BCG
Filing Date: 2025-02-14
Form Type: S-1
Source: 0001410578-25-000143
Chunk: 204

Company: Binah Capital Group, Inc.
Filing Date: 2025-02-14
Form: S-1
Chunk 204
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will notbe released tothe Sponsor unless the dollar volume-weighted average price of Holdings Common Stock exceeds$ 12.00fortrading days within any-day trading period during theperiod following the consummation of the Business Combination, (iii) the holders of each whole warrant to purchase KWAC Class A Common Stock receivedonewarrant to purchase Holdings Common Stock at an exercise price of$ 11.50per share, (iv)12million shares of Holdings Common Stock, subject to adjustment as more fully described herein,wasissued to the equity holders of BMS in proportion to their ownership interests in BMS, (v) an additional1,100,000shares of Holdings Common Stockwasissued to certain equity holders of BMS, (vi)3,084,450KWAC Private Placement Warrants held by Sponsorwereforfeited immediately prior to the effective time of the Business Combination, and (vii)3,084,450warrants to purchase Holding Common Stock at an exercise price of$ 11.50per sharewereissued to the equity holders of BMS in proportion to their ownership interests in BMS. As a result of the Business Combination, BMS became an indirect, wholly-owned subsidiary of Holdings.

Additionally, on the Closing Date, Holdings entered into a Subscription Agreement with an investor for thepurchaseof shares of Holdings’ Series A RedeemableConvertible Preferred Stock (the “Holdings Series A Stock”) in a private placement at $ per share, for an aggregate purchase price of $ (the “Series A PIPE”). The Holdings Series A Stock may be converted into shares of Holdings Common Stock after the second anniversary of the closing of the Series A PIPE, which such conversion shall initially be shares of Holdings Common Stock for each share of Series A Convertible Preferred Stock, subject to certain adjustments provided in the Certificate of Designations.

F-36

| 3. | MERGER AND RECAPITALIZATION (continued) |

Holdings applied to have the Holdings Common Stock and Holdings Warrants listed on the Nasdaq Global Market (the “Nasdaq”) under the symbols BCG and BCG.W, respectively. Prior to the mergers, the KWAC Class A Common Stock and KWAC Public Warrants were listed on the OTC Exchange under the symbols “KWAC” and “KWAC.WS,” respectively.

On March 26, 2024, Holdings received approval for Holding’s securities to be listed on the Nasdaq Stock Market LLC. Holdings common stock is listed on the Nasdaq