Staffing 360 Solutions Receives Nasdaq Notification Related to Non-Timely Filing of 2023 Third Quarter Form 10-Q
November 20 2023 - 8:30AM
Staffing 360 Solutions, Inc.
(Nasdaq: STAF)
(“Staffing 360” or the “Company”), a company executing an
international buy-integrate-build strategy through the acquisition
of staffing organizations in the United States and the United
Kingdom, today reported that it received a letter from the Listing
Qualifications Department of the Nasdaq Stock Market LLC (“Nasdaq”)
notifying the Company that it is not in compliance with the
requirements of Nasdaq Listing Rule 5250(c)(1) (the “Nasdaq Listing
Rule”) as a result of not having timely filed its Quarterly Report
on Form 10-Q with the Securities and Exchange Commission (“SEC”)
for the period ended September 30, 2023.
Pursuant to the letter, The Nasdaq Hearings Panel (the “Panel”)
will consider the late filing in their decision regarding the
Company’s continued listing on The Nasdaq Capital Market. Staffing
360 has until December 22, 2023 to present its views in writing
with respect to the filing deficiency.
With the exception of the 2023 third quarter filing, all of the
Company’s filings with the SEC are up to date. Staffing 360
Solutions said it expect to file the outstanding 2023 third quarter
Form 10-Q by the end of this year.
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. The Company believes that the staffing industry
offers opportunities for accretive acquisitions and as part of its
targeted consolidation model, is pursuing acquisition targets in
the finance and accounting, administrative, engineering, IT, and
light industrial staffing space.
For more information,
visit http://www.staffing360solutions.com. Follow Staffing 360
Solutions
on Facebook, LinkedIn and Twitter.
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; consequently, actual results may differ materially
from those expressed or implied by such forward-looking statements.
Such risks and uncertainties include, without limitation, our
ability to retain our listing on Nasdaq and to regain and maintain
compliance with the rules of Nasdaq; market and other conditions;
the geographic, social and economic impact of COVID-19 endemic and
its ongoing effects 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; 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 Securities and Exchange
Commission, including its Annual Report on Form 10-K, Quarterly
Reports on Form 10-Q and Current Reports on Form 8-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 Contact:Roger Pondel or
Laurie BermanPondelWilkinson
Inc.310-279-5980pwinvestor@pondel.com
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