One of Jamba's (NASDAQ: JMBA ) shareholders, CanBa Investments LLC, has converted the remainder of its preferred shares into common stock, the company announced Tuesday, which means Jamba no longer has to pay the annual 8% expense for its dividend.
In June 2009, CanBa purchased $15.45 million worth of shares (134,348 shares) in Jamba's Series B-2 Preferred Stock. That 2009 purchase coincided with Mistral Equity Partners buying $19.55 million worth of Jamba's preferred stock, which Mistral converted to common stock in January 2013, according to Jamba.
Jamba CEO James D. White was quoted as saying, "The investment in 2009 allowed us greater financial flexibility to execute our BLEND Plan and also provided us great support and guidance from CanBa and Mistral. We thank them for their time and look forward to their continued guidance as we continue to focus on our BLEND Plan 3.0 strategic priorities."