By Sheri Kasprzak
New York, June 1 - ATC Healthcare, Inc. wrapped a $1 million private placement of series C convertible preferred stock.
The company sold 500 shares of the preferreds at $2,000 each.
The 6% preferreds are convertible into common shares at $0.45 each.
The investors also received warrants for 741,000 shares, exercisable at $0.60 each for five years.
The company intends to use the proceeds for an acquisition.
Located in Lake Success, N.Y., ATC provides hospital staffing services.
| Issuer: | ATC Healthcare, Inc.
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| Issue: | Series C convertible preferred stock
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| Amount: | $1 million
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| Shares: | 500
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| Price: | $2,000
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| Dividends: | 6%
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| Conversion price: | $0.45
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| Warrants: | For 741,000 shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $0.60
|
| Settlement date: | May 31
|
| Stock symbol: | Amex: AHN
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| Stock price: | $0.39 at close May 31
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