Empowerment & Inclusion Capital I Corp. announced that it has entered into a warrants purchase agreement for private placement of 7,520,000 warrants at a price of $1 per warrant for gross proceeds of $7,520,000 on January 12, 2021. The transaction will include participation from PNC Investment Capital Corp.

and Jefferies Financial Group Inc. (NYSE:JEF) for 7,420,000 warrants and Harold Ford Jr. for 100,000 warrants. The placement warrants are identical to the warrants sold as part of the units in the initial public offering, except that the warrants, so long as they are held by the investors or their permitted transferees, (i) are not redeemable by the company, (ii) may not, including the class A common stock issuable upon exercise of such warrants, subject to certain limited exceptions, be transferred, assigned or sold by such holders until 30 days after the completion of the company's initial business combination, (iii) may be exercised by the holders on a cashless basis, (iv) will be entitled to registration rights and (v) for so long as they are held by Jefferies Financial Group Inc., will not be exercisable more than five years from the effective date of the Registration Statement in accordance with FINRA Rule 5110(g)(8)(A). No underwriting discounts or commissions were paid with respect to the transaction.

The issuance of the warrants was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended. The transaction was raised in a pre-IPO round of funding.