M&A - Binah Capital Group, Inc.

Form Type: 10-K

Filing Date: 2025-03-31

Corporate Action: Merger

Type: Update

Accession Number: 000141057825000604

Filing Summary: Binah Capital Group, Inc. underwent a significant business combination on March 15, 2024, merging with Kingswood Acquisition Corp and Wentworth Management Services LLC, making them wholly-owned subsidiaries. This merger aims to enhance Binah's operational capabilities by consolidating several wealth management businesses, totaling ten entities with over 1,900 registered individuals in various financial services sectors. The company is strategically positioned to attract financial advisors and assets with its hybrid model and robust operational support, seeking to foster growth through a tech-enabled platform and strong custodian relationships.

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Form Type: 8-K/A

Filing Date: 2025-02-11

Corporate Action: Acquisition

Type: Update

Accession Number: 000110465925011011

Filing Summary: This Amendment No. 2 to Form 8-K serves to update and provide additional financial information related to Binah Capital Group, Inc., specifically concerning the completion of an acquisition involving Wentworth Management Services and Kingswood Acquisition Corp. This report amends a prior report filed on March 21, 2024, by detailing the audited consolidated financial statements for both Wentworth and Kingswood as of December 31, 2023 and 2022. It includes Management’s Discussion and Analysis of Financial Condition for the same periods, as well as unaudited pro forma financial data and updates regarding changes in the registrant’s independent accounting firm. The Audit Committee has approved FGMK, LLC as the new independent registered public accounting firm, dismissing Marcum LLP following the completion of the audit for Kingswood's financial statements. This report indicates no disagreements regarding accounting principles or reportable events with the former auditor, Marcum, which did not alter its opinions on the audited financial statements.

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