Flexpoint Fund commits to buy series A preferreds in three tranches
By Devika Patel
Knoxville, Tenn., April 17 - JetPay Corp. raised $1.4 million in the second tranche of a $40 million private placement of series A convertible preferred stock with Flexpoint Fund II, LP, according to an 8-K filed Friday with the Securities and Exchange Commission. The deal priced on Aug. 23, raised $10 million on Oct. 11 and is settling in three tranches.
The company is selling about 133,333 of the convertible preferreds at $300 per share. It sold 33,333 preferreds in the initial tranche and 4,667 preferreds in the second.
The initial conversion ratio will be set at $100 per share, for an initial conversion price of $3.00, which is a 3.23% discount to the closing share price of $3.10 on Aug. 9.
JetPay, based in Berwyn, Pa., provides services that meet business needs for card acceptance, processing, payroll, tax and other financial transactions.
| Issuer: | JetPay Corp.
|
| Issue: | Series A convertible preferred stock
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| Amount: | $40 million
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| Shares: | 133,333
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| Price: | $300
|
| Warrants: | No
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| Investor: | Flexpoint Fund II, LP
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| Pricing date: | Aug. 23
|
| Settlement date: | Oct. 11 (for $10 million), April 14 (for $1.4 million)
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| Stock symbol: | Nasdaq: JTPY
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| Stock price: | $3.10 at last close Aug. 9
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| Market capitalization: | $25.6 million
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