June 8, 2020 / 10:52 AM / a month ago

BRIEF-Providence Announces Conversion Agreement With Majority Holder Of Series A Convertible Preferred Stock

June 8 (Reuters) - Providence Service Corp:

* PROVIDENCE ANNOUNCES STRATEGIC CONVERSION AGREEMENT WITH HOLDER OF MAJORITY OF SERIES A CONVERTIBLE PREFERRED STOCK

* PROVIDENCE SERVICE CORP - HAS ENTERED INTO A STRATEGIC CONVERSION AGREEMENT WITH COLISEUM CAPITAL MANAGEMENT, LLC

* PROVIDENCE SERVICE - PRO FORMA FOR CONVERSION OF COLISEUM’S PREFERRED SHARES ON JUNE 11, COLISEUM WILL OWN ABOUT 13.0% OF OUTSTANDING COMMON SHARES

* PROVIDENCE SERVICE - COMMON SHARES CURRENTLY OWNED BY COLISEUM. THOSE ISSUED TO COLISEUM FROM PREFERRED CONVERSION TO BE SUBJECT TO A 120 DAY LOCK UP

* PROVIDENCE SERVICE - AFTER LOCK UP PERIOD, COLISEUM TO BE PERMITTED TO TRANSFER UP TO 25% OF ITS COMMON SHARES, PER QUARTER

* PROVIDENCE SERVICE - TRANSACTION IS EXPECTED TO BE ACCRETIVE TO PROVIDENCE’S EARNINGS Source text for Eikon: Further company coverage:

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