nFinanSe wraps $2.07 million of $8.85 million placement of preferreds

Preferreds sold at $1.50 apiece and convert to common stock at $0.15

By Devika Patel

Knoxville, Tenn., April 4 - nFinanSe Inc. settled a tranche of a private placement of series E convertible preferred stock and increased the deal to $8.85 million on March 29, according to an 8-K filed Monday with the Securities and Exchange Commission. The deal priced for $5 million on June 29, 2010 and was increased to $6.5 million on Dec. 30, 2010. The company raised $6.48 million in multiple tranches from Aug. 10 through March 11 and $2.07 million in the latest tranche for a total of $8.55 million.

The company is selling 5.9 million preferreds at $1.50 apiece. It sold 1,381,002 preferreds in the latest tranche and has sold 5,698,841 preferreds thus far.

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:	$8.85 million
Shares:	5.9 million
Price:	$1.50
Conversion price:	$0.15
Warrants:	No
Pricing date:	June 29, 2010
Revised:	Dec. 30, March 29
Settlement date:	Dec. 31, 2010 (for $5,109,257), March 11 (for $1,367,502), March 29 (for $2,071,500)
Stock symbol:	OTCBB: NFSE
Stock price:	$0.10 at close June 29
Market capitalization:	$1.18 million

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