Staffing 360 Solutions Announces Shareholder Vote Result and 1-for-5 Reverse Stock Split
January 03 2018 - 12:45PM
Staffing 360 Solutions, Inc. (Nasdaq:STAF), a staffing solutions
company executing a global buy-and-build strategy in the U.S. and
in the U.K., today announced that its shareholders have approved a
reverse stock split of its Nasdaq-listed common stock and that the
Company will effect a reverse stock split of its issued and
outstanding common stock at an exchange ratio of 1-for-5, after the
close of trading on Wednesday, January 3, 2018. The Company's
common stock will begin trading on a split-adjusted basis on
Thursday, January 4, 2018, under a new CUSIP number 852387307, and
will remain listed on The Nasdaq Capital Market under the symbol
"STAF.”
“At a Special Meeting of Stockholders today, the
stockholders of Staffing 360 Solutions voted by a large margin
(over 74% of outstanding shares) to provide the Board with the
authority to effect a reverse stock split at a ratio in the range
of 1-for-2 to 1-for-10, such ratio to be determined by the
Company’s Board of Directors,” said Brendan Flood, Staffing 360
Solutions’ Chairman and Chief Executive Officer. “After careful
consideration, the Board determined the appropriate reverse
stock split to be a ratio of 1-for-5.”
The reverse stock split will affect all stockholders uniformly
and will not alter any stockholder's percentage interest in the
Company's equity, except to the extent that the reverse stock split
would result in a stockholder owning a fractional share. Any
fractional share of a stockholder resulting from the reverse stock
split will be rounded up to the next whole number of shares.
Once the reverse stock split becomes effective, stockholders
holding shares through a brokerage account will have their shares
automatically adjusted to reflect the 1-for-5 reverse stock
split. It is not necessary for shareholders holding shares of
the Company’s common stock in certificated form to exchange their
existing stock certificates for new stock certificates of the
Company in connection with the reverse stock split, although
stockholders may do so if they wish. Stockholders should direct any
questions concerning the reverse stock split to their broker or the
Company’s transfer agent, VStock Transfer, LLC, at
855-987-8625.
About Staffing 360 Solutions,
Inc.
Staffing 360 Solutions, Inc. (NASDAQ:STAF) is a
public company in the staffing sector engaged in the execution of a
global buy-and-build strategy through the acquisition of domestic
and international staffing organizations in the US and UK. The
Company believes the staffing industry offers opportunities for
accretive acquisitions that will drive its annual revenues to $500
million. As part of its targeted consolidation model, the Company
is pursuing acquisition targets in the finance and accounting,
administrative, engineering and IT staffing space. For more
information, please visit: www.staffing360solutions.com.
Follow Staffing 360 Solutions on Facebook,
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Forward-Looking Statements
Certain matters discussed within this press
release are forward-looking statements including, but not limited
to the timing and ability to enter into any additional acquisitions
and expand our business, as well as the size of future revenue or
trading volume or future access to capital markets. Although
Staffing 360 Solutions, Inc. believes the expectations reflected in
such forward-looking statements are based on reasonable
assumptions, it can give no assurance that its expectations will be
attained. Specifically, in order for the Company to achieve
annualized revenues of $500 million, the Company will need to
successfully raise sufficient capital, to consummate additional
target acquisitions, successfully integrate any newly acquired
companies, organically grow its business, successfully defend any
potential future litigation, as well as various additional
contingencies, many of which are unknown at this time and generally
out of the Company's control. The Company can give no assurance
that it will be able to achieve these objectives. Staffing 360
Solutions does not undertake any duty to update any statements
contained herein (including any forward-looking statements), except
as required by law. Factors that could cause actual results to
differ materially from expectations include general industry
considerations, regulatory changes, changes in local or national
economic conditions, our ability to access the capital markets on
terms acceptable to us, or at all, our ability to comply with our
contractual covenants, including in respect of our debt and other
risks detailed from time to time in Staffing 360 Solutions' reports
filed with the SEC, including quarterly reports on Form 10-Q,
reports on Form 8-K and annual reports on Form 10-K.
Contacts:
Staffing 360 Solutions,
Inc.Brendan Flood, Chairman and
CEObrendan.flood@staffing360solutions.com / +1 (646) 507-5715David
Faiman, Chief Financial Officerinfo@staffing360solutions.com /+1
(646) 507-5711
Investor Relations:The Equity
Group, Inc.Lena Catilcati@equityny.com / +1 (212) 836-9611Devin
Sullivan dsullivan@equityny.com / +1 (212) 836-9608
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