Easterly Acquisition Corp. shareholders approved of an extension of the deadline to complete the pending merger with JH Capital Group Holdings LLC to March 31, 2018.
In light of the extension, Easterly stockholders redeemed 687,597 of the company's common shares.
The reduction in outstanding shares allows Easterly and JH Capital, a specialty finance company, to revise upward their EPS projections for 2018 and reduce the market deal price to 6.5x 2018 estimated economic earnings.
Easterly Acquisition Corp. is sponsored by Easterly Acquisition Sponsor LLC, an affiliate of private asset management holding company Easterly LLC.
