SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): MAY 16, 2005
TECHTEAM GLOBAL, INC.
---------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 0-16284 38-2774613
------------------------------------ ------------------- ------------------------
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File No.) Identification No.)
27335 West 11 Mile Road
Southfield, Michigan 48034
-------------------------------------------------- ----------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number including area code: (248) 357-2866
--------------------------------------------------------------------------
(Former name or former address if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230 .425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 8.01 OTHER EVENTS
On May 16, 2005, ChrysCapital II, LLC ("ChrysCapital"), the
holder of the Company's Series A Senior Convertible Preferred Stock
("Preferred Stock") converted their remaining 370,000 shares of
Preferred Stock into an equal number of shares of Common Stock. As a
result, ChrysCapital has converted 689,656 shares of Preferred Stock
into 689,656 shares of Common Stock, and no shares of the Preferred
Stock remain outstanding. Accordingly, all rights attached to the
Preferred Stock, including ChrysCapital's right to elect one director
to the Company's Board of Directors, have been extinguished.
As of the close of business on May 18, 2005, ChrysCapital has
sold 542,247 shares of the Company's Common Stock. As a result of the
sale of these shares, ChrysCapital holds less than 2% of the
outstanding Common Stock in the Company. Therefore, we are currently
working to terminate the Security Control Agreement that was
implemented between TechTeam's wholly-owned subsidiary Digital Support
Corporation ("DSC") and the Defense Security Service to negate DSC's
minority foreign ownership, control or influence for the purposes of
the National Industrial Security Program Operating Manual.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
TECHTEAM GLOBAL, INC.
By /s/ Michael A. Sosin
-----------------------------------
Michael A. Sosin
Vice President, General Counsel and Secretary
Date: May 19, 2005