Staffing 360 Solutions Announces Pricing of $19.7 Million Public Offering of Common Stock
February 09 2021 - 10:55PM
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 pricing of a public offering of
21,855,280 shares of its common stock (or common stock equivalents
in lieu thereof) at a price to the public of $0.90 per share of
common stock (or common stock equivalent). The aggregate gross
proceeds from this offering are expected to be approximately $19.7
million, before deducting placement agent fees and other estimated
offering expenses payable by Staffing. The offering is expected to
close on or about February 12, 2021, subject to satisfaction of
customary closing conditions.
H.C. Wainwright & Co. is acting as exclusive
placement agent for the offering.
The Company intends to use 75% of the net
proceeds from this 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. The offering is being made under an effective
registration statement on Form S-1 (File No. 333-252059) filed with
the Securities and Exchange Commission (the “SEC”) and declared
effective on February 9, 2021. The offering is being made only by
means of a prospectus forming part of the effective registration
statement. The final terms of the offering will be disclosed in a
final prospectus to be filed with the SEC and made available on the
SEC’s website at www.sec.gov. Electronic copies of the final
prospectus, when available, may also be obtained from H.C.
Wainwright & Co., LLC, 430 Park Avenue, 3rd Floor, New York, NY
10022, by telephone at (646) 975-6996 or by email at
placements@hcwco.com.
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 offering
described above, the expected proceeds from the offering, the
intended use of net proceeds from the offering and the timing of
the closing of the 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 and the
satisfaction of customary closing conditions related to the
offering; 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 discussed
under the heading “Risk Factors” in the Company’s Registration
Statement on Form S-1 (File No. 333-252059) filed with the SEC and
other documents subsequently filed with or furnished to the SEC.
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:Terri MacInnis, VP of IRBibicoff + MacInnis,
Inc.(818) 379-8500 x2terri@bibimac.com
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