By Sheri Kasprzak
New York, April 5 - Command Center, Inc. said it negotiated a private placement of series A convertible preferreds for $4 million.
The company plans to sell up to 40,000 preferreds, which are convertible at a rate of 20 common shares for every preferred share at $5.00 each.
The preferreds pay annual dividends at $5.00 per share.
Command Center may redeem the preferreds any time after April 1, 2007 at $100.00 each plus dividends.
Based in Post Falls, Idaho, Command Center is a temporary staffing services company.
| Issuer: | Command Center, Inc.
|
| Issue: | Series A convertible preferreds
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| Amount: | $4 million (maximum)
|
| Shares: | 40,000
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| Price: | $100
|
| Dividends: | $5.00 annually per share
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| Conversion price: | $5.00
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| Conversion ratio: | Each preferred into 20 common shares
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| Warrants: | No
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| Pricing date: | March 30
|
| Announcement date: | April 5
|
| Stock symbol: | OTCBB: CCNI
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| Stock price: | $7.25 at close March 30
|
| Stock price: | $7.25 at close April 5
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