Staffing 360 Solutions, Inc. - STAF STOCK NEWS

Staffing 360 Solutions, Inc. (STAF) announced the rebranding of Headway Workforce Solutions, which includes a new logo aligned with its Intelligent Integration strategy. This rebranding aims to enhance Headway's market position using Staffing 360 Solutions' resources for better client service. Headway has over 48 years of experience in HR outsourcing and talent solutions across various sectors. The rebranding reflects a commitment to maintaining brand recognition while modernizing its identity within the Staffing 360 Solutions framework.

Staffing 360 Solutions, Inc. (NASDAQ: STAF) announced that Chairman and CEO Brendan Flood will present a corporate overview at the H.C. Wainwright Annual Investment Conference on September 13, 2022, at 5:00 PM ET. The conference will showcase the Company’s international buy-integrate-build strategy targeting staffing organizations in the US and UK.

Investors interested in attending can register at www.hcwevents.com/annualconference. For live access and replays, visit here.

Staffing 360 Solutions reported a 16.9% increase in Q2 2022 revenue to $59.1 million compared to Q2 2021. Gross profit also rose by 16.6% to $10.5 million. Loss from operations narrowed from ($1.1 million) to ($643,000). However, net loss stood at ($2.3 million), down from a profit of $7.8 million in Q2 2021, which included a $10.1 million PPP loan forgiveness. EBITDA declined to ($432,000). Year-to-date revenue saw a 9.5% increase to $108.9 million. A conference call is scheduled for August 24, 2022.

Staffing 360 Solutions has launched a new professional brand, Butler, Bridge & May, to expand its offerings for administrative roles in the UK. The initiative is aligned with client demand for a broader range of services and aims to place Executive Assistants, Talent Acquisition Managers, and HR professionals. Collaboration with existing UK brands will support this new brand's success. Senior VP Allison Drake leads the initiative, emphasizing diversity and inclusion in leadership roles. This launch follows the recent acquisition of Headway Workforce Solutions to enhance their service capabilities.

Staffing 360 Solutions has successfully closed a private placement of 657,858 shares of its common stock and warrants, generating approximately $4 million in gross proceeds. The shares were priced at $6.10 and the warrants at $5.85, with a five-and-a-half-year expiration. H.C. Wainwright & Co. served as the placement agent. The company plans to use the funds for general working capital and has amended existing warrants to lower their exercise price. The press release also outlines requirements for future registration of securities.

Staffing 360 Solutions, Inc. (STAF) announced a private placement to raise approximately $4 million by selling 657,858 shares of common stock at $6.10 each, along with warrants for an equal number of shares at an exercise price of $5.85. The offering will close around July 6, 2022. Proceeds will be used for general working capital. Existing warrants will be amended to match the new pricing terms. A registration statement will be filed with the SEC within 15 days, enabling investors to resell the shares. This follows the company's strategy of acquiring staffing firms in the US and UK.

Staffing 360 Solutions (NASDAQ: STAF) reported its Fiscal 2021 results, revealing a 3.3% decline in revenue to $197.8 million compared to $204.5 million in Fiscal 2020. Gross profit fell 2.7% to $33.9 million, though gross margin slightly increased to 17.1%. The company recorded a net income of $8.2 million, a significant improvement from a net loss of $15.6 million in the previous year. EBITDA soared to $14.8 million, attributed to the forgiveness of $19.6 million in PPP loans, and debt was reduced from $71.2 million to $9.0 million.

Staffing 360 Solutions (NASDAQ: STAF) announced a 1-for-10 reverse stock split effective June 23, 2022, to comply with the Nasdaq minimum bid requirement of $1.00 per share. The company aims to enhance its stock price and maintain its listing on the Nasdaq Capital Market. This split will reduce outstanding shares from approximately 17.6 million to 1.76 million, with fractional shares rounded up. Stockholders will see automatic adjustments if shares are held through brokers. CEO Brendan Flood stated this move will improve visibility and liquidity, benefiting long-term shareholder value.

Staffing 360 Solutions, Inc. (STAF) has received a notice from Nasdaq regarding the delinquency of its Current Report on Form 10-Q for the quarter ending April 2, 2022. This notification highlights the company's ongoing regulatory challenges, which may impact its listing status. Staffing 360 Solutions focuses on a buy-integrate-build strategy targeting staffing acquisitions in the U.S. and the U.K. However, uncertainties in business operations, attributed to economic factors and capital market volatility, pose risks for future performance and compliance with Nasdaq requirements.