Kingswood Acquisition Corp., the special-purpose buyout company sponsored by major shareholders in British wealth management firm Kingswood Group and a sister company of Kingswood US, said shareholders voted to approve another extension to complete its merger with broker/dealer Wentworth Management Services aggregate. according to a recent SEC filing. The SPAC had a deadline of February 24, 2024, but that has been extended to March 15, 2024.

Kingswood launched its SPAC in November 2020, announcing that it had successfully raised $115 million in its initial public offering and would use the proceeds from the public markets to invest in US-based RIAs and wealth management firms. Larry Roth, former CEO of Cetera Financial Group, was brought in as lead director.

In July 2022, Wentworth, which owns four independent broker/dealers, has entered into an agreement to join the SPAC, in a deal that would get strong audiences. Both will join under The newly formed Binah Capital Group, which will have over 1,900 advisors and $25 billion in assets. Binah will be a publicly traded holding company, and Roth will serve as the firm's executive chairman. Wentworth and its broker/dealer subsidiaries, including PKS Investments, will be the market-facing brands.

Ryan Morfin, who stepped down as CEO of Wentworth a year ago, was recently suspended by the Financial Industry Regulatory Authority for five months and fined $10,000 for engaging in banking activities without being registered as a representative of the investment bank or without having the necessary exam. FINRA said he also acted in a principal capacity at his firm without registering as such.