Easterly Acquisition Corp. Announces Extension of Time to Complete the Initial Business Combination with JH Capital in the Fourth Quarter

NEW YORK--(BUSINESS WIRE)--Easterly Acquisition Corp. (“Easterly”) (NASDAQ:EACQ) announced the vote by stockholders to extend the deadline to complete an initial business combination to December 15, 2017. Stockholders representing 95% of the stockholder base voted, with 99% of votes cast in favor of extending the time that Easterly has to complete its initial business combination. Approximately 4.3 million shares of common stock were redeemed by existing Easterly stockholders in connection with the extension, leaving approximately $157.1 million cash in trust after redemptions. Easterly obtained the extension to allow it more time to complete its previously announced business combination with JH Capital Group Holdings, LLC (“JH Capital”). JH Capital is a specialty finance business that offers end-to-end solutions to customers at every stage of the distressed credit cycle, from default to rehabilitation. Its largest segment buys defaulted consumer receivables and strategically places the accounts for collection. Additionally, JH Capital helps consumers rehabilitate their credit profile by advocating on their behalf in the settlement of third-party debt.