Preferreds sold at $1.50 apiece and convert to common stock at $0.15
By Devika Patel
Knoxville, Tenn., Jan. 5 - nFinanSe Inc. settled a private placement of series E convertible preferred stock on Dec. 31, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The deal priced for $5 million on June 29 and raised $5.11 million.
The company sold 3,406,171 preferreds at $1.50 apiece. 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: | $5,109,257
|
| Preferreds: | 3,406,171
|
| Price: | $1.50
|
| Conversion price: | $0.15
|
| Warrants: | No
|
| Settlement date: | June 29
|
| Settlement date: | Dec. 31
|
| Stock symbol: | OTCBB: NFSE
|
| Stock price: | $0.10 at close June 29
|
| Market capitalization: | $1.57 million
|
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