Empeiria Acquisition Corp. announced that it expects to receive $2.5 million in funding.

Empeiria Acquisition Corp. (OTCPK:EPAQ) announced a private placement of preferred shares for gross proceeds of $2,500,000 on November 29, 2012. The shares will be issued to certain Directors and officers of the company.

The shares will accrue dividends that are payable only with additional shares of preferred stock. The transaction is subject to certain conditions, including the execution of definitive documentation and not more than 5,520,000 shares of common stock being validly tendered and not withdrawn prior to the expiration of the tender offer.