By Devika Patel
Knoxville, Tenn., Sept. 1 - nFinanSe Inc. said it sold an additional $1.3 million of preferred stock in a $12.2 million private placement. The company previously issued $10.87 million of the preferreds on Aug. 21.
The company sold a total of approximately 2.2 million series D convertible preferred shares for $6.5 million and issued approximately 1.9 million additional preferreds in exchange of $5.7 million of notes.
Each preferred is convertible into 10 common shares at $0.30 per share.
Investors received warrants for 36,230,380 shares, which are exercisable at $0.01 for five years.
Emerging Growth Equities, Ltd. was the agent.
Based in Bradenton, Fla., nFinanSe is a financial services company and provides stored value and prepaid cards.
| Issuer: | nFinanSe Inc.
|
| Issue: | Series D convertible preferred stock
|
| Amount: | $12.2 million
|
| Shares: | 4.1 million (approximate)
|
| Conversion price: | $0.30
|
| Conversion ratio: | Into 10 common shares (per preferred)
|
| Warrants: | For 36,230,380 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.01
|
| Agent: | Emerging Growth Equities, Ltd.
|
| Settlement date: | Aug. 21 (for $10.87 million), Sept. 1 (for $1.3 million)
|
| Stock symbol: | OTCBB: NFSE
|
| Stock price: | $0.36 at close Aug. 21
|
| Market capitalization: | $3.82 million
|
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