NEW YORK, May 27, 2021 /PRNewswire/ -- Kingswood
Acquisition Corp. (the "Company") (NYSE: KWAC.U, KWAC and KWAC WS),
a special purpose acquisition company, received written
notification from The New York Stock Exchange ("NYSE") on
May 25, 2021 that, because the
Company has not yet filed its Quarterly Report on Form 10-Q for the
quarter ended March 31, 2021 (the
"Report") with the Securities and Exchange Commission ("SEC"), the
Company does not comply with the continued listing requirements
under Section 802.01E of the Listed Company Manual, which requires
NYSE-listed companies to timely file all periodic reports with the
SEC.
As previously reported by the Company in its Notification of
Late Filing on Form 12b-25, filed with the SEC on May 14, 2021, the Company was unable to file the
Report within the prescribed time period because the Company
requires additional time to prepare and review its financial
statements to ensure adequate disclosure of the financial
information required to be included in the Report.
This notice from NYSE has no immediate effect on the listing of
Company's securities on the NYSE. The Company has until November
24, 2021 to regain compliance. The Company expects to file the
Report on or before June 12,
2021.
ABOUT KINGSWOOD ACQUISITION CORP.
Kingswood Acquisition Corp. (the "Company") is a blank check
company, also commonly referred to as a special purpose acquisition
company, or SPAC, formed for the purpose of effecting a merger,
share exchange, asset acquisition, share purchase, reorganization
or similar business combination with one or more businesses or
entities. The Company intends to identify a target business 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. The Company is led
by Gary Wilder, Group CEO of
Kingswood (AIM: KWG) and Executive Chairman of Kingswood US, who
serves as Executive Chairman and Director, and Michael Nessim, President of Kingswood US and
CEO of Benchmark Investments, who serves as CEO and Director.
Company's Board of Directors includes Larry
Roth, managing partner of RLR Strategic Partners LLC, a
consulting firm to senior management teams, boards of directors and
advisory boards of wealth management firms and former Chief
Executive Officer of Cetera Financial Group.
FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute
"forward-looking statements," including with respect to the Report.
Forward-looking statements are subject to numerous conditions, many
of which are beyond the control of the Company, including those set
forth in the Risk Factors section of the Company's registration
statement and prospectus for the IPO filed with the SEC. Copies are
available on the SEC's website, www.sec.gov. The Company undertakes
no obligation to update these statements for revisions or changes
after the date of this release, except as required by law.
Media Contacts:
Michael Dugan / Andrew Wang
Haven Tower Group
424.317.4852 or 424.317.4859
mdugan@haventower.com or awang@haventower.com
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SOURCE Kingswood Acquisition Corp.
