Command Center Announces Preliminary Results of its Tender Offer (7/26/19)
DENVER--(BUSINESS WIRE)--Command Center, Inc. (Nasdaq: CCNI) (“Command Center” and/or the “Company”) today announced the preliminary results of its previously announced tender offer (“Tender Offer”) to purchase up to 1,500,000 shares of its common stock, par value $0.001 per share (“Shares”), at a purchase price of $6.00 per share. The Tender Offer expired at 12:00 midnight, New York City time, on Thursday, July 25, 2019.
Based on the preliminary count by Continental Stock Transfer & Trust Company, the Depositary for the Tender Offer, 1,407,421 Shares were properly tendered and not withdrawn, including 37,299 Shares that were tendered through notice of guaranteed delivery.
In accordance with the terms and conditions of the Tender Offer and based on the preliminary count by the Depositary, the Company expects to acquire 1,407,421 Shares, for an aggregate cost of approximately $8.4 million, excluding fees and expenses relating to the Tender Offer. The Shares expected to be acquired represent approximately 9.7% of the total number of Shares issued and outstanding as of July 25, 2019.
Following consummation of the Tender Offer, the Company expects to have 13,059,246 Shares outstanding.
The number of Shares tendered and not withdrawn is preliminary and is subject to verification by the Depositary and to the proper delivery of all Shares tendered and not properly withdrawn (including Shares tendered pursuant to guaranteed delivery procedures which are assumed to be delivered within the two-trading day settlement period). The actual number of Shares validly tendered and not withdrawn will be announced promptly following completion of the verification process. Promptly after such announcement, the Depositary will issue payment for the Shares validly tendered and accepted under the Tender Offer, and return any Shares tendered and not purchased. Payment for Shares will be made in cash, without interest.
As noted in the offer to purchase relating to the Tender Offer, the Company may also purchase additional Shares in the future in the open market subject to market conditions. The Company may also purchase Shares in private transactions, tender offers, or otherwise. Under applicable securities laws, however, the Company may not purchase any Shares until after August 8, 2019. Any future purchases of Shares by the Company will depend on many factors, including the market price of the Shares, the results of the Tender Offer, results of operations, financial position and capital requirements, general business conditions, legal, tax and regulatory constraints or restrictions, any contractual restrictions and other factors it deems relevant.
Questions concerning the Tender Offer may be directed at the information agent, InvestorCom LLC at (877) 972-0090 or email email@example.com.
About Command Center, Inc.
Command Center and its subsidiary Hire Quest, LLC (“Hire Quest”) provide flexible on-demand employment solutions to businesses in the United States, primarily in the areas of construction, light industrial, manufacturing hospitality and event services. Through more than 150 franchised and corporately-owned field offices in 32 states and the District of Columbia, the Company, through Hire Quest, provides employment annually for approximately 85,000 field team members working for thousands of clients. For more information about Command Center, go to www.commandonline.com. https://www.businesswire.com/news/home/20190726005094/en/Command-Center-Announces-Preliminary-Results-Tender-Offer