Welcome to our dedicated page for Staffing 360 Solutions news (Ticker: STAF), a resource for investors and traders seeking the latest updates and insights on Staffing 360 Solutions stock.
Staffing 360 Solutions, Inc. (NASDAQ: STAF) is a publicly traded company specializing in the staffing sector. The company employs a global buy-integrate-build strategy focused on acquiring staffing organizations in the United States and the United Kingdom. Their business model is built around consolidating companies in the finance, accounting, administrative, engineering, IT, and light industrial staffing sectors.
Operating through distinct segments – Commercial-U.S., Professional-U.S., and Professional-UK – Staffing 360 Solutions aims to achieve $300 million in annual revenues through strategic acquisitions. With operations spanning the U.S., UK, and Canada, the company remains committed to integrating acquired entities to optimize business performance and deliver significant value to shareholders.
The company recently reported its first and second quarter 2023 financial results, showing nearly 27% year-over-year revenue growth in the first quarter and positive adjusted EBITDA, despite various economic challenges. Brendan Flood, Chairman, CEO, and President, emphasized the successful execution of their growth strategy and the potential for continued revenue growth and margin improvements.
In the second quarter, the company faced significant industry challenges, including cautious client spending and softer margins due to increased workers' compensation costs and a weakened permanent placement market. Nonetheless, Staffing 360 Solutions continues to monitor market conditions and adapt its strategies accordingly.
Looking ahead, the company has outlined a strategic shift to focus exclusively on the U.S. staffing market, aiming to leverage the expected 12.7% market growth from 2022 to 2030. Divesting their UK business will allow them to concentrate resources on the U.S. market, enhancing their ability to meet client needs and drive growth.
For more information, visit www.staffing360solutions.com and follow Staffing 360 Solutions on Facebook, LinkedIn, and Twitter.
Atlantic International Corp. (OTC: ATLN) and Staffing 360 Solutions (NASDAQ: STAF) have announced a definitive merger agreement. Atlantic will acquire all outstanding shares of Staffing 360, with shareholders receiving 1.202 Atlantic shares for each Staffing 360 share. The transaction, valued at approximately $25 million, will result in Atlantic and Staffing 360 shareholders owning 90% and 10% of the combined company respectively.
The merged entity expects annual revenue of approximately $620 million and anticipates run-rate cost synergies of $10 million. Staffing 360 will operate as a wholly owned subsidiary under its current leadership team. The transaction is expected to close within 90 days, subject to shareholder and regulatory approval.
Staffing 360 Solutions (Nasdaq: STAF) announced a 1-for-10 reverse stock split effective June 25, 2024, at 4:05 p.m. EDT. Post-split trading will commence on June 26, 2024. The reverse split was authorized at the company's annual meeting on December 27, 2023. This action will reduce the outstanding shares from 6,397,388 to approximately 639,739, without altering the par value or shareholder equity percentages, except for rounding up fractional shares. The new CUSIP number will be 852387604. Stockholders do not need to exchange their certificates, and proportional adjustments will apply to equity awards and convertible securities.
Staffing 360 Solutions (Nasdaq: STAF) announced that it has received a letter from Nasdaq's Listing Qualifications Department, notifying the company of non-compliance with Nasdaq Listing Rule 5250(c)(1) due to its failure to timely file its 2024 Q1 Form 10-Q with the SEC for the period ending March 30, 2024.
The Nasdaq Hearings Panel will consider this delay in their decision on the company's continued listing. Staffing 360 has until June 17, 2024, to address the filing deficiency in writing to Nasdaq. If granted, Nasdaq's exception to regain compliance will extend up to October 14, 2024, a maximum of 180 days from the initial due date of the Annual Report on Form 10-K.
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