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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported):
May 24, 2024 (May 22, 2024)
Binah Capital Group, Inc.
(Exact name of registrant as specified in its charter)
Delaware |
|
001-41991 |
|
88-3276689 |
(State or Other Jurisdiction
of Incorporation) |
|
(Commission File Number) |
|
(I.R.S. Employer
Identification Number) |
80 State Street, Albany, NY 12207
(Address of principal
executive offices, including zip code)
Registrant’s telephone number, including
area code: (212) 404-7002
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b)
of the Act:
Title of Each Class |
|
Trading Symbols |
|
Name of Each Exchange on Which
Registered |
Common Stock, par value $0.0001 per share |
|
BCG |
|
The Nasdaq Stock Market LLC |
Warrants, each exercisable for one share of Common Stock at an exercise price of $11.50 per share |
|
BCGWW |
|
The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company x
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued
Listing Rule or Standard; Transfer of Listing.
On May 22, 2024, the
Company received a delinquency notification letter (the “Notice”) from the Nasdaq Stock Market LLC (“Nasdaq”) due
to the Company’s non-compliance with Nasdaq Listing Rule 5250(c)(1) as a result of the Company’s failure to timely file its
Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2024 (the “Form 10-Q”). The Notice states that the Company
has until July 21, 2024, to submit to Nasdaq a plan to regain compliance with the Nasdaq Listing Rules. If Nasdaq
accepts the Company’s plan, then Nasdaq may grant the Company up to November 18, 2024, or 180 days from the due date of
the delinquent filing, for filing the Form 10-Q to regain compliance. If the Company fails to timely regain compliance with Nasdaq Listing
Rule 5250(c)(1), the Company’s common stock will be subject to delisting from Nasdaq.
On May 24, 2024 the Company filed the Form 10-Q for the fiscal quarter ended March 31, 2024.
Item 7.01 Regulation FD Disclosure
On May 24, 2024, the
Company issued a press release to comply with the requirements of Nasdaq Listing Rule 5810(b) announcing that the Company had
received the Notice. The full text of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
In
accordance with General Instruction B.2 of Form 8-K, the information in this Item 7.01, including Exhibit 99.1, shall not be deemed to
be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of
that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities
Act of 1933, or the Securities Exchange Act of 1934, except as shall be expressly set forth by specific reference in that filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: May 24, 2024
|
BINAH CAPITAL GROUP, INC. |
|
|
|
|
By: |
/s/ Craig Gould |
|
Name: |
Craig Gould |
|
Title: |
Chief Executive Officer and Director |
Exhibit 99.1
Binah Capital Group, Inc. Announces Receipt
of Nasdaq Non-Compliance Notice
NEW YORK, May 24, 2024 – Binah Capital, Group, Inc. (the
“Company”) today announced that it received a notice (the “Notice”) from the Listing Qualifications Department
of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that due to the Company’s failure to timely file its
Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2024 (the “Form 10-Q”), with the Securities and Exchange
Commission (the “SEC”), the Company is not in compliance with Nasdaq’s continued listing requirements under Nasdaq Listing
Rule 5250(c)(1) (the “Rule”), which requires the timely filing of all required periodic reports with the SEC.
The Notice states that the Company has until July 21, 2024, to submit
to Nasdaq a plan to regain compliance with the Nasdaq Listing Rules. If Nasdaq accepts the Company’s plan, then Nasdaq may grant
the Company up to November 18, 2024, or 180 days from the due date of the Initial Delinquent Filing, for filing the Form 10-Q to regain
compliance. If the Company fails to timely regain compliance with Nasdaq Listing Rule 5250(c)(1), the Company’s common stock will
be subject to delisting from Nasdaq.
On May 24, 2024 the Company filed the Form 10-Q for the fiscal quarter ended March 31, 2024.
This announcement is made in compliance with the Nasdaq Listing Rule
5810(b), which requires prompt disclosure of receipt of a notification of deficiency.
Forward-Looking Statements
This press release includes “forward-looking statements”
within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Statements regarding our expectation regarding the Company regaining compliance with the Nasdaq rules are forward looking statements.
When used in this press release, words such as “anticipate,” “believe,” “continue,” “could,”
“estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,”
“potential,” “predict,” “project,” “should,” “would” and similar expressions,
as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs
of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results
could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s
filings with the SEC. All subsequent written or oral forward-looking statements attributable to the Company or persons acting on its behalf
are qualified in their entirety by this paragraph. 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 Annual Report on Form 10-K and
any subsequent periodic reports. The Company undertakes no obligation to update these statements for revisions or changes after the date
of this release, except as required by law.
About Binah Capital Group
Binah Capital Group is a leading independent wealth management enterprise,
publicly traded on the NASDAQ under the ticker NASDAQ: BCG. The company was created upon the completion of the merger between Wentworth
Management Services LLC and Kingswood Acquisition Corp.
About Wentworth Management Services LLC
Wentworth is a holding company that acquires and manages businesses
in the wealth management industry. The company specializes in consolidating independent broker-dealers to capture economies of scale needed
to service financial advisors in today's technology-enabled regulatory environment. Wentworth's core philosophy focuses on building long-term,
productive relationships with its advisor base. The firm also includes a dealer manager business, investment banking division and a wholesale
distribution division.
Media Contacts
Donald Cutler or Joseph Kuo
Haven Tower Group
424 317 4864 or 424 317 4851
dcutler@haventower.com or jkuo@haventower.com
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