UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-A
FOR
REGISTRATION OF CERTAIN CLASSES OF SECURITIES
PURSUANT
TO SECTION 12(b) OR 12(g) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Staffing
360 Solutions, Inc.
(Exact
name of registrant as specified in its charter)
Delaware |
|
68-0680859 |
(State or other jurisdiction
of incorporation or organization) |
|
(IRS Employer
Identification No.) |
|
|
|
757
Third Avenue
27th
Floor
New
York, NY |
|
10017 |
(Address
of principal executive offices) |
|
(Zip
Code) |
Securities
to be registered pursuant to Section 12(b) of the Act:
Title
of each class
to
be so registered |
|
Name
of each exchange on which
each
class is to be registered |
Not
Applicable |
|
Not
Applicable |
If
this form relates to the registration of a class of securities pursuant to Section 12(b) of the Exchange Act and is effective pursuant
to General Instruction A.(c) or (e), check the following box. ☐
If
this form relates to the registration of a class of securities pursuant to Section 12(g) of the Exchange Act and is effective pursuant
to General Instruction A.(d) or (e), check the following box. ☒
If
this form relates to the registration of a class of securities concurrently with a Regulation A offering, check the following box. ☐
Securities
Act registration statement or Regulation A offering statement file number to which this form relates: N/A (if applicable)
Securities
to be registered pursuant to Section 12(g) of the Act:
Series
J Preferred Stock,
par value $0.00001 per share
(Title of class)
INFORMATION
REQUIRED IN REGISTRATION STATEMENT
Item
1. |
Description
of Registrant’s Securities To Be Registered. |
On
May 3, 2022, the board of directors (the “Board”) of Staffing 360 Solutions, Inc. (the “Company”),
declared a dividend of one one-thousandth of a share of Series J Preferred Stock, par value $0.00001 per share (“Series J
Preferred Stock”), for each outstanding share of the Company’s common stock, par value $0.00001 per share (“Common
Stock”) to stockholders of record at 5:00 p.m. Eastern Time on May 13, 2022 (the “Record Date”).
General;
Transferability. Shares of Series J Preferred Stock will be uncertificated and represented in book-entry form. No shares of Series
J Preferred Stock may be transferred by the holder thereof except in connection with a transfer by such holder of any shares of Common
Stock held by such holder, in which case a number of one one-thousandths (1/1,000ths) of a share of Series J Preferred Stock equal to
the number of shares of Common Stock to be transferred by such holder will be automatically transferred to the transferee of such shares
of Common Stock.
Voting
Rights. Each share of Series J Preferred Stock will entitle the holder thereof to 1,000,000 votes per share (and, for
the avoidance of doubt, each fraction of a share of Series J Preferred Stock will have a ratable number of votes). Thus, each one-thousandth
of a share of Series J Preferred Stock would entitle the holder thereof to 1,000 votes. The outstanding shares of Series J Preferred
Stock will vote together with the outstanding shares of Common Stock of the Company as a single class exclusively with respect to (1)
any proposal to adopt an amendment to the Company’s Amended and Restated Certificate of Incorporation, as amended (the “Certificate
of Incorporation”), to reclassify the outstanding shares of Common Stock into a smaller number of shares of Common Stock
at a ratio specified in or determined in accordance with the terms of such amendment (the “Reverse Stock Split”)
and (2) any proposal to adjourn any meeting of stockholders called for the purpose of voting on Reverse Stock Split (the “Adjournment
Proposal”). The Series J Preferred Stock will not be entitled to vote on any other matter, except to the extent required
under the Delaware General Corporation Law.
Unless
otherwise provided on any applicable proxy or ballot with respect to the voting on the Reverse Stock Split or the Adjournment Proposal,
the vote of each share of Series J Preferred Stock (or fraction thereof) entitled to vote on the Reverse Stock Split, the Adjournment
Proposal or any other matter brought before any meeting of stockholders held to vote on the Reverse Stock Split and the Adjournment Proposal
will be cast in the same manner as the vote, if any, of the share of Common Stock (or fraction thereof) in respect of which such share
of Series J Preferred Stock (or fraction thereof) was issued as a dividend is cast on the Reverse Stock Split, the Adjournment Proposal
or such other matter, as applicable, and the proxy or ballot with respect to shares of Common Stock held by any holder on whose behalf
such proxy or ballot is submitted will be deemed to include all shares of Series J Preferred Stock (or fraction thereof) held by such
holder. Holders of Series J Preferred Stock will not receive a separate ballot or proxy to cast votes with respect to the Series J Preferred
Stock on the Reverse Stock Split, the Adjournment Proposal or any other matter brought before any meeting of stockholders held to vote
on the Reverse Stock Split.
Dividend
Rights. The holders of Series J Preferred Stock, as such, will not be entitled to receive dividends of any kind.
Liquidation
Preference. The Series J Preferred Stock will rank senior to the Common Stock as to any distribution of assets upon a liquidation,
dissolution or winding up of the Company, whether voluntarily or involuntarily (a “Dissolution”). Upon any
Dissolution, each holder of outstanding shares of Series J Preferred Stock will be entitled to be paid out of the assets of the Company
available for distribution to stockholders, prior and in preference to any distribution to the holders of Common Stock, an amount in
cash equal to $0.00001 per outstanding share of Series J Preferred Stock.
Redemption.
All shares of Series J Preferred Stock that are not present in person or by proxy at any meeting of stockholders held to vote on the
Reverse Stock Split and the Adjournment Proposal as of immediately prior to the opening of the polls at such meeting (the “Initial
Redemption Time”) will automatically be redeemed in whole, but not in part, by the Company at the Initial Redemption Time
without further action on the part of the Company or the holder of shares of Series J Preferred Stock (the “Initial Redemption”).
Any outstanding shares of Series J Preferred Stock that have not been redeemed pursuant to an Initial Redemption will be redeemed in
whole, but not in part, (i) if such redemption is ordered by the Board in its sole discretion, automatically and effective on such time
and date specified by the Board in its sole discretion or (ii) automatically upon the effectiveness of the amendment to the Certificate
of Incorporation implementing the Reverse Stock Split.
Each
share of Series J Preferred Stock redeemed in any redemption described above will be redeemed in consideration for the right to receive
an amount equal to $0.0001 in cash for each ten whole shares of Series J Preferred Stock that are “beneficially owned” by
the “beneficial owner” (as such terms are defined in the certificate of designation with respect to the Series J Preferred
Stock (the “Certificate of Designation”)) thereof as of immediately prior to the applicable redemption time
and redeemed pursuant to such redemption. However, the redemption consideration in respect of the shares of Series J Preferred Stock
(or fractions thereof) redeemed in any redemption described above: (i) will entitle the former beneficial owners of less than ten whole
shares of Series J Preferred Stock redeemed in any redemption to no cash payment in respect thereof and (y) will, in the case of a former
beneficial owner of a number of shares of Series J Preferred Stock (or fractions thereof) redeemed pursuant to any redemption that is
not equal to a whole number that is a multiple of ten, entitle such beneficial owner to the same cash payment, if any, in respect of
such redemption as would have been payable in such redemption to such beneficial owner if the number of shares (or fractions thereof)
beneficially owned by such beneficial owner and redeemed pursuant to such redemption were rounded down to the nearest whole number that
is a multiple of ten (such, that for example, the former beneficial owner of 25 shares of Series J Preferred Stock redeemed pursuant
to any redemption will be entitled to receive the same cash payment in respect of such redemption as would have been payable to the former
beneficial owner of 20 shares of Series J Preferred Stock redeemed pursuant to such redemption).
Miscellaneous.
The distribution of the Preferred Stock is not expected to be taxable to stockholders or to the Company. However, stockholders may, depending
upon the circumstances, recognize taxable income in the event of the redemption of the Preferred Stock as described above. The Series
J Preferred Stock is not convertible into, or exchangeable for, shares of any other class or series of stock or other securities of the
Company. The Series J Preferred Stock has no stated maturity and is not subject to any sinking fund. The Series J Preferred Stock is
not subject to any restriction on the redemption or repurchase of shares by the Company while there is any arrearage in the payment of
dividends or sinking fund installments.
*
* * * *
The
foregoing description of the Preferred Stock does not purport to be complete and is qualified in its entirety by reference to the Certificate
of Designation, which is filed as Exhibit 3.1 hereto and is incorporated herein by reference.
SIGNATURES
Pursuant
to the requirements of Section 12 of the Securities Exchange Act of 1934, the registrant has duly caused this registration statement
to be signed on its behalf by the undersigned, thereunto duly authorized.
|
Date:
May 4, 2022 |
STAFFING
360 SOLUTIONS, INC. |
|
|
|
|
|
By: |
/s/
Brendan Flood |
|
|
|
Brendan
Flood |
|
|
|
Chairman
and Chief Executive Officer |
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