1347 Capital Corp. Secures Up to $10M Preferred Stock Commitment from Sponsor

1347 Capital Corp. arranged for its sponsor, 1347 Investors LLC, to purchase up to $10 million of Class A Preferred Stock if redemptions reduce the trust account below $42.9 million, providing a backstop for the merger.

“In addition, the Company has agreed to issue and sell to 1347 Investors LLC (“Sponsor”), its affiliates or other investors identified by the Sponsor, up to $10 million of shares of the Company’s Class A Preferred Stock (“Preferred Stock”) in the event that redemptions of shares of the Company’s common stock in connection with the stockholder vote to approve the Business Combination reduce the funds held in the Trust Account to less than $42.9 million.”

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