Company: BCG
Filing Date: 2025-09-03
Form Type: POS AM
Source: 0001410578-25-001926
Chunk: 42

Company: Binah Capital Group, Inc.
Filing Date: 2025-09-03
Form: POS AM
Chunk 42
---
G” and “BCGWW,” respectively. Prior to the consummation of the Business Combination, KWAC’s Common Stock and warrants were listed on the Markets Group, Inc. stock exchange under the symbols “KWAC” and “KWAC.WS,” respectively. As of September 3, 2025, there were 16,602,460 shares of Common Stock issued and outstanding held of record by 29 holders, and Warrants to purchase an aggregate of 15,147,958 shares of Common Stock outstanding held of record by 11 holders.

**Dividends**

We have not paid any cash dividends on our Common Stock to date. The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial condition. The payment of any cash dividends will be within the discretion of our Board at such time. In addition, we are not currently contemplating and do not anticipate declaring any stock dividends in the foreseeable future as it is currently expected that available cash resources will be utilized in connection with our ongoing operations and development.

<div align='center'>**24

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**</div>

**The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the consolidated financial statements and the notes thereto contained elsewhere in this report. This discussion contains forward-looking statements that involve significant risks and uncertainties. As a result of many factors, such as those set forth under “Risk Factors” and elsewhere in this prospectus, our actual results may differ materially from those anticipated in these forward-looking statements. Please also refer to the section under the heading “Cautionary Notes Regarding Forward-Looking Statements.”

The information for the years ended December 31, 2024 and 2023 are derived from the Company’s audited consolidated financial statements and the notes thereto included elsewhere in this report.

Any reference to Binah Capital Group, Inc. refers to Binah Capital Group, Inc. and our consolidated subsidiaries on a forward-looking basis or as the context requires, to the historical results of BMS Management Services LLC. Any reference to “BMS Management Services LLC” (“BMS”) refers to the entities comprising the Binah Capital Group, Inc. business prior to the consummation of the Business Combination.

Business Overview

The Company is a leading consolidator of retail wealth management businesses that owns and operates ten entities, four of which are broker-de