1347 Capital, a blank check company formed by a team from Fund Management Group and Kingsway Financial Services, raised $40 million by offering 4.0 million units at $10.
Each unit consists of one share of common stock, one right to receive one-tenth of a share of common stock automatically on the consummation of an initial business combination and one warrant to purchase one-half of one share (two warrants are exercisable at $11.50 per share of common stock).
The primary owners - Gordon Pratt, Larry Swets and Hassan Baqar - were also behind 1347 Property Insurance Holdings, which IPO'd on April 1, 2014, and trades on the NASDAQ under the symbol PIH. Insiders (23% stake) have committed to invest $2 million in a concurrent private placement.
1347 Capital plans to list on the NASDAQ under the symbol TFSCU. EarlyBird Capital acted as a lead manager on the deal.
