CCNI warrants exercised; 4.2M shares @$.08/share; about 64M now outstanding...
This actually appears to be a net positive IMO as the "derivative warrant liability" on balance sheet and income statement will now be eliminated...
CCNI would benefit from a reverse split.
Item 3.02. Unregistered Sales of Equity Securities
On April 14, 2014, Command Center, Inc. (the "Company") issued 4,200,000 shares of its common stock to Sonoran Pacific Resources, LLP, an Arizona Limited Liability Partnership, according to the exercise of those certain Stock Purchase Warrants , dated April 13, 2009. The exercise of such Stock Purchase Warrants resulted in aggregate gross proceeds to the Company of $336,000. Sonoran Pacific Resources, LLP is owned or controlled by Jerry Smith, an affiliate of the Company.
As a result of the exercise of the Stock Purchase Warrants , the Company’s outstanding common stock increased from 59,711,242 million to 63,911,242 million. Correspondingly, the Company’s “derivative warrant liability” has been eliminated.
The summary of the rights, preferences and privileges of those certain Stock Purchase Warrants , described above, are qualified in their entirety by reference to Exhibit 4.1 to the Form 8-K as filed on April 5, 2010. All readers are encouraged to read the entire text of Exhibit 4.1.
The issuance of securities pursuant to the exercise of Warrants is made pursuant to an exemption under Section 4(a)(2) of the Securities Act of 1933, as amended. The common stock issued upon exercise of the Warrants was not registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
The moment a person forms a theory his imagination sees in every object only the traits which favor that theory. Thomas Jefferson
