By Laura Lutz
Des Moines, Jan. 4 - nFinanSe Inc. completed a private placement of series A convertible preferred stock for $4 million.
The company sold 4 million shares of the preferreds to accredited investors for $1.00 per share. Each convertible preferred share is convertible into one share of the company's common stock at $1.00.
Concurrently, the company issued 9,327,930 shares of the preferreds for $5,327,930 principal amount and accrued interest of senior secured convertible notes.
Some investors in the placement had been holders of the senior secured convertible notes.
nFinanSe is a financial services company with headquarters in Bradenton, Fla.
| Issuer: | nFinanSe Inc.
|
| Issue: | Series A convertible preferred stock
|
| Amount: | $4 million
|
| Shares: | 4 million
|
| Price: | $1.00
|
| Conversion price: | $1.00
|
| Warrants: | No
|
| Settlement date: | Dec. 29
|
| Stock symbol: | OTCBB: NFSE
|
| Stock price: | $1.15 at close Dec. 29
|
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