Staffing 360 Stumbles on Common Stock Offering


Staffing 360 Solutions Inc (NASDAQ:STAF) reported an offering of common stock. However, no size of the offering was disclosed.

The New York-based Staffing 360, 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 that it has priced its previously announced underwritten public offering of 4,188,405 shares of its common stock at a public offering price of $0.60 per share, for aggregate gross proceeds of approximately $2.5 million.

In addition, Staffing 360 Solutions has granted the underwriter a 30-day option to purchase up to an additional 628,260 shares of common stock at the public offering price, less the underwriting discounts and commissions. The offering is expected to close on or about December 29, subject to customary closing conditions.

The Company intends to use 75% of the net proceeds from the proposed 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.

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

STAF lost 22 cents, or 25.9%, to 63 cents.