Company: BCG
Filing Date: 2025-02-14
Form Type: S-1
Source: 0001410578-25-000143
Chunk: 173

Company: Binah Capital Group, Inc.
Filing Date: 2025-02-14
Form: S-1
Chunk 173
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 statements of Holdings will represent a continuation of the consolidated financial statements of Wentworth with the business combination treated as the equivalent of Holdings issuing shares for the net assets of the Company, accompanied by a recapitalization. The net assets of the Company will be stated at historical cost, with no goodwill or other intangible assets recorded. Operations prior to the business combination will be those of the Company and Wentworth in future reports of Holdings. In connection with the consummation of the Business Combination on March 15, 2024, stockholders elected to redeem 403,066Public Share and exercised their right to redeem such Public Share for a pro rata portion of the Trust Account. The Company paid approximately $ 13.15from the Trust Account or an aggregate of $ 5,300,317from the Trust Account to the redeeming stockholders with respect to such redeemed Public Shares. Subsequent to this redemption, the shares of Class A and Class B common stock outstanding was 2,788,957and 270,000, respectively. With the redemption of $ 5,300,317from the Trust Account, the Company may be subject to a 1% excise tax equal to $ 53,003.

<div align='center'>F-13</div>

Note 3 — Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statement is presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. Use of Estimates The preparation of the financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. The more significant accounting estimates included in these financial statements is the determination of fair value of the warrant liabilities and the Initial Convertible Promissory Note. Such estimates may be subject to change as more current information becomes available and accordingly, the actual results could differ significantly from those estimates. Trust Account At December 31, 2022, assets held in the Trust Account were held in a money market mutual fund. In