Staffing 360 Solutions Receives Nasdaq Notification of Potential Delisting for Non-Compliance with Listing Rule 5250(c)(1)
October 24 2023 - 4:15PM
Staffing 360 Solutions, Inc. (Nasdaq:
STAF) (“Staffing 360 Solutions” 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
for the period ended June 30, 2023 with the Securities and Exchange
Commission (“SEC”). In a separate letter, the Nasdaq Listing
Qualifications Department recognized the filing of the Company’s
Quarterly Report on Form 10-Q for the period ended April 1, 2023 on
October 16, 2023, and notified the Company it had regained
compliance with the Nasdaq Listing Rule with respect to the Form
10-Q for the period ended April 1, 2023.
Pursuant to the letter, Nasdaq has notified the Company of its
determination to suspend trading of the Company’s common stock from
Nasdaq at the opening of business on October 27, 2023, unless the
Company requests an appeal of such determination in a timely manner
no later than October 25, 2023. The Company plans to request a
hearing before the Nasdaq Hearings Panel (the “Panel”), which will
automatically stay any trading suspension or delisting action for
an additional 15 calendar days following the date of the request;
however, Nasdaq has a procedure to request an extension of the stay
through the hearing date and the expiration of any extension period
granted by the Panel following the hearing. In connection with the
hearing request, the Company will request that the stay be extended
through the hearing and the expiration of any additional extension
period granted by the Panel following the hearing.
Staffing 360 Solutions expects to file the outstanding Form 10-Q
for the quarter ended June 30, 2023 in the coming weeks.
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
Staffing 360 Solutions (NASDAQ:STAF)
Historical Stock Chart
From Mar 2024 to Apr 2024
Staffing 360 Solutions (NASDAQ:STAF)
Historical Stock Chart
From Apr 2023 to Apr 2024