Kingswood Acquisition, a blank check company formed by Kingswood targeting the financial services industry, lowered the proposed deal size a second time for its upcoming IPO on Thursday.
The New York, NY-based company now plans to raise $100 million by offering 10 million units at a price of $10. The company had originally filed to offer 15 million units at the same price, before lowering the proposed offering to 12.5 million units last month. Each unit consists of one share of common stock and three-quarters of a warrant, exercisable at $11.50. At the proposed deal size, Kingswood Acquisition will raise -20% less in proceeds than previously anticipated.
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. Oppenheimer & Co. is the sole bookrunner on the deal.
