Series 2 convertible preferreds sold at $1,000 each, convert at $0.81
By Devika Patel
Knoxville, Tenn., June 13 – FlexShopper, Inc. completed a $20 million private placement of series 2 convertible preferred stock with B2 FIE V LLC on June 10, according to an 8-K filed Monday with the Securities and Exchange Commission. It may raise another $5 million.
The company sold 20,000 preferreds at $1,000 apiece and may sell another 5,000 preferreds.
Each preferred is convertible into 1,235 common shares at $0.81 per share, which is a 65.31% premium to the June 9 closing share price of $0.49.
Proceeds will be used for general corporate and working capital purposes.
The Charlotte, N.C., company provides durable goods to consumers on a lease-to-own basis.
| Issuer: | FlexShopper, Inc.
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| Issue: | Series 2 convertible preferred stock
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| Amount: | $25 million
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| Preferreds: | 25,000
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| Price: | $1,000
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| Conversion price: | $0.81
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| Conversion rate: | Into 1,235 common shares (per preferred)
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| Warrants: | No
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| Investor: | B2 FIE V LLC
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| Settlement date: | June 10 (for $20 million)
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| Stock symbol: | OTCBB: FPAY
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| Stock price: | $0.49 at close June 9
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| Market capitalization: | $26.05 million
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