Industrial Staffing Report: Sept. 19, 2019

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Command Center rebrands as HireQuest Inc. following acquisition

Command Center Inc. (NASD: CCNI), a Colorado-based industrial staffing firm, received Nasdaq approval to continue trading on Nasdaq as HireQuest Inc., and to trade its common stock under the new ticker symbol “HQI,” effective Sept. 11.

The company acquired industrial staffing provider Hire Quest Holdings LLC in a deal that closed July 15. Command Center first announced the transaction in April.

Also effective last week, Command Center changed its state of incorporation from Washington to Delaware, and its corporate name became HireQuest Inc.

The company said the name and ticker changes are part of a corporate and franchise rebranding strategy. Hire Quest operates as Trojan Labor and Acrux Staffing, which provide light industrial and administrative staffing. Hire Quest operated primarily as a franchise model and Command Center plans to convert its branches to the franchise model.

Shareholders approved the actions at the company’s annual meeting on July 10.

“While Hire Quest has traditionally operated under the names Trojan Labor and Acrux Staffing, we see the culmination of the merger with Command Center as the opportune time to place all operations under the common banner of HireQuest,” said President and CEO Rick Hermanns.

Command Center also announced this month that it is exiting the California market and selling its four Golden State locations to Resolute Enterprises LLC for $1.8 million. The deal is expected to close Sept. 27.

Command Center began trading on Nasdaq last year. Last month, it reported second-quarter revenue rose 2.7% year over year to $24.8 million, and gross margin improved to 26.4%.