By Devika Patel
Knoxville, Tenn., Oct. 5 - Community Central Bank Corp. said it sold $1 million of its 5% series B cumulative convertible perpetual preferred stock in a private placement.
Each preferred pays 5% in cumulative dividends and is convertible into common shares at $8.00 per share.
On or after Aug. 1, 2010, the preferred stock will be subject to mandatory conversion under certain circumstances.
Each preferred comes with a 10-year warrant, which is exercisable for 20 common shares at $5.00 per share.
The Mount Clemens, Mich.-based company is the holding company for Community Central Bank.
| Issuer: | Community Central Bank Corp.
|
| Issue: | Series B cumulative convertible perpetual preferred stock
|
| Amount: | $1 million
|
| Dividends: | 5%
|
| Conversion price: | $8.00
|
| Warrants: | For 20 shares per preferred
|
| Warrant expiration: | 10 years
|
| Warrant strike price: | $5.00
|
| Settlement date: | Oct. 5
|
| Stock symbol: | Nasdaq: CCBD
|
| Stock price: | $1.60 at close Oct. 2
|
| Market capitalization: | $7.6 million
|
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