Morgan Group Holding Co. sold 1.5 million common shares to LICT Corp. for $180,000, or 12 cents per share.
As of Sept. 30, 2017, Morgan Group had $21,490 in cash and cash equivalents.
Morgan Group plans to use the proceeds to fund its administrative costs of maintaining its reporting obligations for the next three years, during which, it will continue to pursue a business combination. It currently has no plans, arrangements, commitments, agreements or understandings with any prospective target business.
Mario Gabelli, Morgan's director and the CEO and board chairman of LICT, and Robert Dolan, Morgan's other director and the executive vice president, CFO and director of LICT, will own roughly 49.1% of Morgan Group's outstanding common shares.