1347 Capital Corp. Closes $40M IPO

1347 Capital Corp., a special purpose acquisition company (SPAC), consummated its initial public offering of 4,000,000 units at $10.00 per unit, generating gross proceeds of $40,000,000. The company intends to use the proceeds to pursue an initial business combination.

“On July 21, 2014, the Company consummated its IPO of 4,000,000 units (“Units”). Each Unit consists of one share of common stock, $0.0001 par value per share (“Common Stock”), one right (“Right”) to purchase one-tenth (1/10) of one share of Common Stock upon consummation of an initial business combination (a “Business Combination”) and one warrant (“Warrant”) to purchase one-half of one share of Common Stock at an exercise price of $11.50 per full share. The Units were sold at an offering price of $10.00 per Unit, generating gross proceeds of $40,000,000.”

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