Staffing 360 Solutions, Inc. Announces Closing of Public Offering
13 February 2019 - 8:05AM
Staffing 360 Solutions, Inc. (NASDAQ: STAF), a company executing an
international buy-integrate-build strategy through the acquisition
of domestic and international staffing organizations in the United
States and United Kingdom, today announced the closing of its
previously announced underwritten public offering of 2,425,000
shares of common stock at a public offering price of $1.65 per
share.
The aggregate gross proceeds to the Company from
the public offering were approximately $4.0 million, prior to
deducting underwriting discounts, commissions and other estimated
offering expenses. The Company has granted the underwriters a
45-day option to purchase up to 363,750 additional shares of common
stock to cover over-allotments, if any.
The Company intends to use the net proceeds from
the offering for working capital and to redeem a portion of the
outstanding Series E Preferred Stock.
ThinkEquity, a division of Fordham Financial
Management, Inc., acted as the sole book-running manager for the
offering.
The Securities and Exchange Commission declared
effective a registration statement on Form S-1 relating to these
securities on February 8, 2019, which includes a preliminary
prospectus relating to the offering. A final prospectus has been
filed with the SEC. The offering is being made only by means of a
prospectus. Copies of the prospectus relating to the offering may
be obtained, when available, by contacting ThinkEquity, 17 State
Street, 22nd Floor, New York, NY 10004, telephone (877) 436-3673,
email: prospectus@think-equity.com Investors may also obtain these
documents at no cost by visiting the SEC's website at
http://www.sec.gov
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy any of the
securities described herein, 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. The
Company believes that the staffing industry offers opportunities
for accretive acquisitions that will drive its annual profitable
revenues to $500 million. As part of its targeted
consolidation model, the Company is pursuing acquisition targets in
the finance and accounting, administrative, engineering, IT, and
Light Industrial staffing space. For more information, please
visit: 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. Although Staffing
360 Solutions, Inc. believes such forward-looking statements are
based on reasonable assumptions, it can give no assurance that its
expectations will be attained. Actual results may vary materially
from those expressed or implied by the statements herein due to the
Company’s ability to successfully raise sufficient capital on
reasonable terms or at all, available cash on hand and contractual
and statutory limitations that could impair our ability to pay
future dividends, our ability consummate additional acquisitions
and successfully integrate newly acquired companies, to organically
grow our business, to successfully defend potential future
litigation, changes in local or national economic conditions, the
ability to comply with contractual covenants, including in respect
of its debt, 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 SEC, including quarterly reports on Form 10-Q, reports on Form
8-K and annual reports on Form 10-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: Harvey Bibicoff,
CEO Bibicoff + MacInnis, Inc.
818.379.8500 harvey@bibimac.com
Staffing 360 Solutions (NASDAQ:STAF)
Historical Stock Chart
From Apr 2024 to May 2024
Staffing 360 Solutions (NASDAQ:STAF)
Historical Stock Chart
From May 2023 to May 2024