Kingswood Acquisition, a blank check company formed by Kingswood targeting the financial services industry, filed on Tuesday with the SEC to raise up to $150 million in an initial public offering.
The New York-based company plans to raise $150 million by offering 15 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Kingswood Acquisition would command a market value of $188 million.
The company is led by Executive Chairman Gary Wilder, who has served as Group CEO of Kingswood (AIM: KWG) and Executive Chairman of Kingswood US since 2019, and is a co-founding partner of Kingswood Property Finance. Wilder is joined by CEO and Director Michael Nessim, who has been the President of Kingswood US since 2020 and the CEO of Benchmark Investments since 2019. Kingswood Acquisition plans to concentrate its efforts on identifying businesses in the financial services industry with a focus on delivering differentiated financial services in the wealth management, financial advisory, and investment management sectors to the mass affluent and private client investor community.
Kingswood Acquisition was founded in 2020 and plans to list on the NYSE under the symbol KWAC.U. The company filed confidentially on August 31, 2020. Oppenheimer & Co. is the sole bookrunner on the deal.
