Staffing 360 Solutions Receives Nasdaq Notification Related to Non-Timely Filing of 2024 First Quarter Form 10-Q
May 28 2024 - 4:05PM
Staffing 360 Solutions, Inc.
(Nasdaq: STAF)
(“Staffing 360” or the “Company”), a company executing a
buy-integrate-build strategy through the acquisition of staffing
organizations in the United States, 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)
as a result of not having timely filed its Quarterly Report on Form
10-Q with the Securities and Exchange Commission (“SEC”) for the
period ended March 30, 2024.
Pursuant to the letter, The Nasdaq Hearings Panel
will consider the late filing in their decision regarding the
Company’s continued listing on The Nasdaq Capital Market. Staffing
360 has until June 17, 2024, to present its views in writing with
respect to the filing deficiency to Nasdaq. Nasdaq’s exception to
allow the Company to regain compliance, if granted, will be limited
to a maximum of 180 calendar days from the initial due date of the
Company’s Annual Report on Form 10-K, or October 14, 2024.
About Staffing 360 Solutions,
Inc.Staffing 360 Solutions, Inc. is engaged in the
execution of a buy-integrate-build strategy through the acquisition
of domestic and international staffing organizations in the United
States. 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,
the Company’s ability to conduct its business and raise capital in
the future if and 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
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