Furnished as Exhibit
99.2 hereto and incorporated into this Item 7.01 of this Current Report on Form 8-K and is incorporated by reference is a press release
issued by the Company in connection with the filing by the Company of a registration statement on Form S-4 under the Securities Act, relating
to the Merger Agreement and the transactions contemplated thereby (the “S-4 Registration Statement”).
The information in this
Item 7.01, including Exhibit 99.1 and Exhibit 99.2, is being furnished and will not be deemed to be filed for purposes of Section 18 of
the Exchange Act, or otherwise be subject to the liabilities of that section, nor will it be deemed to be incorporated by reference in
any filing under the Securities Act or the Exchange Act.
About Kingswood Acquisition Corp.
We are a blank check company incorporated under
the laws of the State of Delaware on July 27, 2020, for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase,
recapitalization, reorganization, or similar business combination with one or more businesses, which we refer to throughout this proxy
statement as our initial business combination. While we may pursue our initial business combination target in any stage of its corporate
evolution or in any industry or sector, we are focusing our search on companies with favorable growth prospects and attractive returns
on invested capital.
Additional Information and Where to Find It
This Current Report on Form 8-K relates to a proposed
transaction between the Company and Wentworth. This Current Report on Form 8-K does not constitute an offer to sell or exchange, or the
solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such
offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. In
connection with the transaction described herein, the Company and Wentworth intend to cause Binah Capital Group, Inc., a Delaware corporation
(“Holdings”), to file relevant materials with the SEC, including a registration statement on S-4 Registration Statement, which will include a proxy statement/prospectus. The proxy statement/prospectus
will be sent to all the Company stockholders. The Company and Holdings will also file other documents regarding the proposed transaction
with the SEC. Before making any voting or investment decision, investors and security holders of the Company are urged to read the S-4
Registration Statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection
with the proposed transaction as they become available because they will contain important information about the proposed transaction.
Investors and security holders will be able to
obtain free copies of the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by the
Company through the website maintained by the SEC at www.sec.gov or by directing a request to the Company at Michael Nessim, Chief Executive
Officer, Kingswood Acquisition Corp., Email: mnessim@kingswoodus.com, (212) 404-7002.
Participants in the Solicitation
The Company, Holdings, and Wentworth, and their
respective directors and executive officers, may be deemed to be participants in the solicitation of proxies from the Company’s
stockholders in connection with the proposed transaction. Information about the Company’s directors and executive officers and their
ownership of the Company’s securities is set forth in the Company’s filings with the SEC. Additional information regarding
the interests of those persons and other persons who may be deemed participants in the proposed transaction may be obtained by reading
the proxy statement/prospectus regarding the proposed transaction when it becomes available. You may obtain free copies of these documents
as described in the preceding paragraph.
Non-Solicitation
This Current Report on Form 8-K is not a proxy
statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transaction
and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of the Company, Holdings or Wentworth, nor
shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful
prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except
by means of a prospectus meeting the requirements of the Securities Act.
Forward-Looking Statements
This Current Report on Form 8-K contains “forward-looking
statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform
Act of 1995. The Company’s and Wentworth’s actual results may differ from their expectations, estimates, and projections and,
consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,”
“estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,”
“plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,”
“potential,” “continue,” and similar expressions (or the negative versions of such words or expressions) are intended
to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company’s and Wentworth’s
expectations with respect to future performance and anticipated financial impacts of the proposed business combination, the satisfaction
of the closing conditions to the proposed business combination, and the timing of the completion of the proposed business combination.
These forward-looking statements involve significant
risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements.
Most of these factors are outside the Company’s and Wentworth’s control and are difficult to predict. Factors that may cause
such differences include, but are not limited to: (1) the occurrence of any event, change, or other circumstances that could give rise
to the termination of the Merger Agreement; (2) the outcome of any legal proceedings that may be instituted against the Company and Wentworth
following the announcement of the Merger Agreement and the transactions contemplated therein; (3) the inability to complete the proposed
business combination, including due to failure to obtain approval of the stockholders of the Company and Wentworth, certain regulatory
approvals, or satisfy other conditions to closing in the Merger Agreement; (4) the occurrence of any event, change, or other circumstance
that could give rise to the termination of the Merger Agreement or could otherwise cause the transaction to fail to close; (5) the impact
of the COVID-19 pandemic on Wentworth’s business and/or the ability of the parties to complete the proposed business combination;
(6) the inability to obtain the listing of Holdings’ ordinary shares on the New York Stock Exchange (“NYSE”),
Nasdaq, Inc., or NYSE American following the proposed business combination; (7) the risk that the proposed business combination disrupts
current plans and operations as a result of the announcement and consummation of the proposed business combination; (8) the ability to
recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, competition, the
ability of Wentworth to grow and manage growth profitably, and retain its key employees; (9) costs related to the proposed business combination;
(10) changes in applicable laws or regulations; (11) the possibility that the Company or Wentworth may be adversely affected by other
economic, business, and/or competitive factors; (12) risks relating to the uncertainty of the projected financial information with respect
to Wentworth; (13) risks related to the organic and inorganic growth of Wentworth’s business and the timing of expected business
milestones; (14) the amount of redemption requests made by the Company’s stockholders; and (15) other risks and uncertainties indicated
from time to time in the final prospectus of the Company for its initial public offering and the Registration Statement relating to the
proposed business combination, including those under “Risk Factors” therein, and in the Company’s other filings with
the SEC. The Company cautions that the foregoing list of factors is not exclusive. The Company and Wentworth caution readers not to place
undue reliance upon any forward-looking statements, which speak only as of the date made. The Company and Wentworth do not undertake or
accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change
in their expectations or any change in events, conditions, or circumstances on which any such statement is based.