Paul Glazer believes 1347 Capital Corp (NASDAQ:TFSCU) is a good investment and has decided to add it to his equity portfolio. According to a recent filing with the Securities and Exchange Commission, Glazer Capital has acquired 313,000 shares, giving it control over 5.4% of the total number of shares outstanding.
1347 Capital Corp (NASDAQ:TFSCU), a blank check company, went public on July 21, in an Initial Public Offering (IPO) priced at $10.00. The company was formed with the intention of entering into a merger, exchanging shares or other similar business combinations. A total of 4 million units were issued for gross proceedings of $40 million from the offering. Each unit comprises one share of common stock, the right to reserve one-tenth of a share on the consummation of the first business combination and one warrant to buy half a share of common stock at a fixed price of $11.50 per unit. Underwriters were offered 45-day options to buy an additional 600,000 units.