Form 8-K - Current report
September 09 2024 - 8:00AM
Edgar (US Regulatory)
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2024-09-08
2024-09-08
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
September
8, 2024
Date
of Report (Date of earliest event reported)
STAFFING
360 SOLUTIONS, INC.
(Exact
name of registrant as specified in its charter)
Delaware |
|
001-37575 |
|
68-0680859 |
(State
or other jurisdiction
of incorporation) |
|
(Commission
File
Number) |
|
(I.R.S.
Employer
Identification
Number) |
757
Third Avenue |
|
|
27th
Floor |
|
|
New
York, NY |
|
10017 |
(Address
of principal executive offices) |
|
(Zip
Code) |
(646)
507-5710
(Registrant’s
telephone number, including area code)
N/A
(Former
name or former address, if changed since last report.)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
stock |
|
STAF |
|
NASDAQ |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
3.02 Unregistered Sales of Equity Securities.
On
September 8, 2024, Staffing 360 Solutions, Inc. (the “Company”) entered into a securities exchange agreement
(the “Exchange Agreement”) with a certain institutional investor (the “Holder”) pursuant
to which the Company agreed to issue an aggregate of (i) 101,190 shares (the “Shares”) of common stock, par
value $0.00001 per share (the “Common Stock”) and (ii) a pre-funded warrant to purchase up to 411,630 shares
of Common Stock (the “Pre-Funded Warrant” and such shares of Common Stock issuable upon exercise of the Pre-Funded
Warrant, the “Pre-Funded Warrant Shares” and together with the Shares and the Pre-Funded Warrant, the “Securities”),
in exchange for a certain outstanding warrant (the “Warrant”) held by the Holder to purchase up to 552,234
shares of Common Stock at an exercise price of $8.30 per share (the “Exchange”). The Company has cancelled
the Warrant reacquired in the Exchange and such Warrant will not be reissued. The consummation of the Exchange now permits the Company
to consider and execute on strategic options that could, among others, provide shareholder value.
The
issuance of the Shares and the Pre-Funded Warrant pursuant to the Exchange Agreement was made in reliance on an exemption from registration
under Section 3(a)(9) of the Securities Act of 1933, as amended (the “Securities Act”). Neither the issuance
of the Shares or the Pre-Funded Warrant, nor the Pre-Funded Warrant Shares issuable upon the exercise of the Pre-Funded Warrant, has
been registered under the Securities Act and as such, the Securities may not be offered or sold in the United States absent registration
or an exemption from registration under the Securities Act and any applicable state securities laws.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Date:
September 9, 2024 |
STAFFING
360 SOLUTIONS, INC. |
|
|
|
|
By:
|
/s/
Brendan Flood |
|
|
Brendan
Flood |
|
|
Chairman
and Chief Executive Officer |
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