Preferreds sold at $1.50 apiece and convert to common stock at $0.15
By Devika Patel
Knoxville, Tenn., March 15 - nFinanSe Inc. settled a tranche of a private placement of series E convertible preferred stock on March 11, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The deal priced for $5 million on June 29 and was increased to $6.5 million on Dec. 30. The company raised $5.11 million in multiple tranches from Aug. 10 through Dec. 31 and $1.37 million in the latest tranche for a total of $6.48 million.
The company sold 3,406,171 preferreds at $1.50 apiece in the initial closings. It sold 911,668 preferreds in the March 11 tranche.
Each preferred is convertible into common shares at $0.15 per common share. The conversion price is a 114.29% premium to the June 28 closing share price of $0.07.
Based in Bradenton, Fla., nFinanSe is a financial services company and provides stored value and prepaid cards.
| Issuer: | nFinanSe Inc.
|
| Issue: | Series E convertible preferred stock
|
| Amount: | $6,476,759
|
| Price: | $1.50
|
| Conversion price: | $0.15
|
| Warrants: | No
|
| Settlement date: | June 29
|
| Settlement date: | Dec. 31 (for $5,109,257), March 11 (for $1,367,502)
|
| Stock symbol: | OTCBB: NFSE
|
| Stock price: | $0.10 at close June 29
|
| Market capitalization: | $1.26 million
|
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