NEW
YORK, May 24, 2024 /PRNewswire/ -- 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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SOURCE Binah Capital Group, Inc.