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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.
Staffing 360 Solutions, Inc. (NASDAQ: STAF) announced the successful closing of a private placement of 4,697.6328 shares of Series F convertible preferred stock at $1,000 per share, along with warrants to purchase 7,829,388 shares of common stock at an exercise price of $0.60 per share. The gross proceeds were approximately $4.7 million. The company plans to allocate $1 million for working capital, and the rest for debt repayment or redeeming Series E convertible preferred stock. The offering was not registered under the Securities Act and involves various ownership limitations.
Staffing 360 Solutions, Inc. (STAF) announced a private placement of 4,697.6328 shares of Series F convertible preferred stock at $1,000 each, along with warrants to purchase 7,829,388 shares of common stock at $0.60 per share. The company expects to raise approximately $4.7 million from the offering. Proceeds will be used for working capital and to repay existing debt. The offering is expected to close around April 23, 2021, and includes a requirement to file a registration statement within 30 days for the resale of common stock underlying the securities.
Staffing 360 Solutions (NASDAQ: STAF) reported its FY 2020 results, revealing a revenue decline of 26.6% to $204.5 million. Q4 revenue also fell by 15.7% to $53.8 million, with a 28.6% drop in gross profit to $8.3 million. Losses from operations increased to $1.4 million compared to $0.9 million in Q4 2019. However, debt reduced by 46.4% since June 2020. Despite ongoing challenges in the staffing sector, the company noted sequential improvements in Q4, hinting at a recovering market.
Staffing 360 Solutions (NASDAQ: STAF) has postponed its Special Meeting of Stockholders, originally set for April 5, 2021, to April 20, 2021, at 10:00 a.m. Eastern Time. This adjournment allows stockholders more time to cast their votes on the proposals outlined in the proxy statement. The meeting will be held virtually. The Company continues to solicit proxies and encourages all stockholders who have not yet voted to do so promptly. Proxies already submitted will still be counted unless revoked.
Staffing 360 Solutions, Inc. (NASDAQ: STAF) announced a significant improvement in its balance sheet, driven by a recent public offering that raised approximately $19.7 million. The company utilized 75% of the proceeds to reduce debt by 55%, and its expected Q4 revenue is projected at $53.8 million, reflecting an 11% increase from Q3. CEO Brendan Flood stated that the firm is well-positioned for growth and recovery in 2021, with a focus on expanding its staffing services in the US and UK markets.
Staffing 360 Solutions, Inc. (NASDAQ: STAF) has successfully closed a public offering of 21,855,280 shares at $0.90 per share, generating approximately $19.7 million before expenses. The funds will be allocated as follows: 75% for redeeming notes due by September 30, 2022, and 25% for redeeming Series E Preferred Stock. The offering was made under an effective SEC registration statement, and H.C. Wainwright & Co. acted as the exclusive placement agent.
Staffing 360 Solutions, Inc. (NASDAQ: STAF) has announced the pricing of a public offering of 21,855,280 shares of its common stock at $0.90 per share, expecting to generate approximately $19.7 million in gross proceeds. The offering is set to close around February 12, 2021. Proceeds will be allocated with 75% going towards redeeming outstanding notes due September 30, 2022, and 25% for redeeming Series E Preferred Stock. H.C. Wainwright & Co. is the exclusive placement agent for this offering.
Staffing 360 Solutions, Inc. (NASDAQ: STAF) announced recognition for four of its staffing brands for outstanding client service. US-based Monroe Staffing Services, Key Resources, and Lighthouse Professional Services were acknowledged by ClearlyRated, while UK-based CBSbutler received the 2021 Feefo Platinum Trusted Service award. Monroe Staffing achieved a 73.9% client satisfaction score and a Net Promoter Score of 70.1%, significantly above industry averages. Key Resources and Lighthouse also received high satisfaction ratings. CEO Brendan Flood expressed pride in the team’s commitment to excellence amidst challenging conditions.
Staffing 360 Solutions, Inc. (STAF) has completed a registered direct offering of 2,662,596 shares at a price of $0.655 per share, generating gross proceeds of approximately $1.74 million. The company plans to allocate 75% of the net proceeds to redeem part of an outstanding note due September 2022 and 25% to redeem a portion of its Series E Preferred Stock. H.C. Wainwright & Co. acted as the sole book-running manager for the offering.
Staffing 360 Solutions, Inc. (STAF) announced a registered direct offering of 2,662,596 shares of common stock at $0.655 per share, totaling approximately $1.74 million in gross proceeds. The offering is expected to close by January 4, 2021. The company plans to use 75% of the net proceeds to redeem part of an outstanding note due September 30, 2022, and 25% to redeem a portion of its Series E Preferred Stock. H.C. Wainwright & Co. is managing the offering.
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