Staffing 360 Solutions Announces Closing of $19.7 Million Public Offering of Common Stock
February 12 2021 - 4:10PM
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 closing of its previously
announced 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 were
approximately $19.7 million, before deducting placement agent fees
and other estimated offering expenses payable by Staffing.
H.C. Wainwright & Co. acted 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 was 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. A final prospectus relating to this
offering has been filed with the Securities and Exchange
Commission. The offering was made only by means of a prospectus.
Electronic copies of the final prospectus may be obtained on the
SEC’s website at http://www.sec.gov, or 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 intended use of net proceeds from
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; 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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