Staffing 360 Solutions Announces Proposed Public Offering of Common Stock
December 23 2020 - 4:30PM
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 that it intends to offer and sell
shares of its common stock in an underwritten public offering.
Staffing 360 Solutions expects to grant the underwriter a 30-day
option to purchase additional shares of common stock offered in the
public offering. The offering is subject to market conditions, and
there can be no assurance as to whether or when the offering may be
completed, or as to the actual size or terms of the offering.
The Company intends to use 75% of the net
proceeds from the proposed 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. is acting as sole
book-running manager for the offering.
A shelf registration statement on Form S-3 (File
No. 333-230503) relating to the public 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 will be made only
by means of a prospectus supplement and accompanying prospectus
that forms a part of the registration statement. A preliminary
prospectus supplement and accompanying prospectus relating to the
offering will be filed with the SEC and will be available on the
SEC's website located at http://www.sec.gov. Before you invest, you
should read the registration statement (including the preliminary
prospectus supplement for the offering and accompanying prospectus)
for more complete information about the Company and the offering.
Electronic copies of the preliminary prospectus supplement and the
accompanying prospectus relating to the offering may be obtained,
when available, 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 consummation of the proposed
public offering, the satisfaction of customary closing conditions
related to the proposed public offering and the intended use of net
proceeds from the proposed public 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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