Staffing 360 Solutions Announces Closing of $1.74 Million Registered Direct Offering of Common Stock Priced At-the-Market Und...
December 31 2020 - 12:15PM
Staffing 360 Solutions, Inc. (NASDAQ: STAF), a staffing company
executing an international buy-integrate-build strategy through the
acquisition of staffing organizations in the United States and the
United Kingdom, today announced the closing of its previously
announced registered direct offering priced at-the-marked under
Nasdaq rules, of 2,662,596 shares of its common stock at a purchase
price of $0.655 per share for gross proceeds of approximately $1.74
million.
The Company intends to use 75% of the net
proceeds from the registered direct offering to redeem a portion of
its outstanding note due September 30, 2022, and 25% of the net
proceeds from this offering to redeem a portion of its Series E
Preferred Stock.
H.C. Wainwright & Co. acted as sole
book-running manager for the offering.
A shelf registration statement on Form S-3 (File
No. 333-230503) relating to the registered direct offering of the
shares of common stock described above was filed with the
Securities and Exchange Commission (“SEC”) and was declared
effective on April 11, 2019. The offering of the shares of common
stock was made only by means of a prospectus supplement and
accompanying prospectus that forms a part of the registration
statement. Electronic copies of the final prospectus supplement and
the accompanying prospectus were filed with the SEC and may be
obtained from H.C. Wainwright & Co., LLC, 430 Park Avenue, 3rd
Floor, New York, NY 10022, by calling (646) 975-6996 or by emailing
placements@hcwco.com or at the SEC’s website at
http://www.sec.gov.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy nor shall there be
any sale of these securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About Staffing 360 Solutions, Inc.Staffing 360
Solutions, Inc. is engaged in the execution of an international
buy-integrate-build strategy through the acquisition of domestic
and international staffing organizations in the United States and
United Kingdom. For more information, visit
www.staffing360solutions.com.
Forward-Looking StatementsThis
press release contains forward-looking statements, which may be
identified by words such as “expect,” “look forward to,”
“anticipate” “intend,” “plan,” “believe,” “seek,” “estimate,”
“will,” “project” or words of similar meaning. Forward-looking
statements are not guarantees of future performance, are based on
certain assumptions and are subject to various known and unknown
risks and uncertainties, many of which are beyond the Company’s
control, and cannot be predicted or quantified, and include, among
others, statements regarding the intended use of net proceeds from
the registered direct offering; consequently, actual results may
differ materially from those expressed or implied by such
forward-looking statements. Such risks and uncertainties include,
without limitation, market and other conditions; the Company’s
ability to retain the listing of its common stock on the Nasdaq
Capital Market; the geographic, social and economic impact of
COVID-19 on the Company’s ability to conduct its business and raise
capital in the future when needed; weakness in general economic
conditions and levels of capital spending by customers in the
industries the Company serves; weakness or volatility in the
financial and capital markets, which may result in the postponement
or cancellation of customer capital projects or the inability of
the Company’s customers to pay the Company’s fees; the termination
of a major customer contract or project; delays or reductions in
U.S. government spending; credit risks associated with the
Company’s customers; competitive market pressures; the availability
and cost of qualified labor; the Company’s level of success in
attracting, training and retaining qualified management personnel
and other staff employees; changes in tax laws and other government
regulations, including the impact of health care reform laws and
regulations; the possibility of incurring liability for the
Company’s business activities, including, but not limited to, the
activities of the Company’s temporary employees; the Company’s
performance on customer contracts; negative outcome of pending and
future claims and litigation; government policies, legislation or
judicial decisions adverse to the Company’s businesses; the
Company’s ability to access the capital markets by pursuing
additional debt and equity financing to fund its business plan and
expenses on terms acceptable to the Company or at all; the
Company’s ability to achieve loan forgiveness under Paycheck
Protection Program; and the Company’s ability to comply with its
contractual covenants, including in respect of its debt agreements,
as well as various additional risks, many of which are now unknown
and generally out of the Company’s control, and which are detailed
from time to time in reports filed by the Company with the SEC,
including quarterly reports on Form 10-Q, reports on Form 8-K and
annual reports on Form 10-K. Staffing 360 Solutions does not
undertake any duty to update any statements contained herein
(including any forward-looking statements), except as required by
law.
Investor Relations Contacts:Harvey Bibicoff,
CEOBibicoff + MacInnis, Inc.(818) 379-8500 x1harvey@bibimac.com
Terri MacInnis, VP of IRBibicoff + MacInnis, Inc.(818) 379-8500
x2terri@bibimac.com
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