Staffing 360 Solutions Receives Nasdaq Notification Related to Non-Timely Filing of its 2023 Form 10-K
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Insights
Upon receiving a notification from Nasdaq concerning non-compliance due to a delayed Form 10-K, investors should be attentive to Staffing 360 Solutions' forthcoming actions. Typically, a Form 10-K is a comprehensive report filed annually by public companies to provide a full picture of their financial performance. Delays can suggest operational or financial issues and the worst-case scenario includes delisting, which could affect liquidity and share price. The company's plan to resolve this and their ability to maintain listing standards will be critical in assessing the risks associated with holding this stock.
The Nasdaq Listing Rule 5250(c)(1) requires timely financial reporting, which is fundamental for maintaining transparency and investor trust. Staffing 360's failure to meet this deadline triggers a review process, during which the company must present a plan to regain compliance. Investors should be cognizant of how regulatory bodies like the SEC and Nasdaq enforce these rules, as non-compliance can lead to penalties or, in severe cases, delisting. The company's ability to effectively communicate and rectify the filing deficiency will be pivotal.
NEW YORK, April 23, 2024 (GLOBE NEWSWIRE) -- Staffing 360 Solutions, Inc. (Nasdaq: STAF) (“Staffing 360” or the “Company”), a company executing a buy-integrate-build strategy through the acquisition of staffing organizations in the United States, today reported that it received a letter from the Listing Qualifications Department of the Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that it is not in compliance with the requirements of Nasdaq Listing Rule 5250(c)(1) (the “Nasdaq Listing Rule”) as a result of not having timely filed its Annual Report on Form 10-K with the Securities and Exchange Commission (“SEC”) for the period ended December 30, 2023.
Pursuant to the letter, The Nasdaq Hearings Panel (the “Panel”) will consider the late filing in its decision regarding the Company’s continued listing on The Nasdaq Capital Market. Staffing 360 has until June 17, 2024 to present its views in writing with respect to the filing deficiency.
About Staffing 360 Solutions, Inc.
Staffing 360 Solutions, Inc. is engaged in the execution of a buy-integrate-build strategy through the acquisition of staffing organizations in the United States. The Company believes that the staffing industry offers opportunities for accretive acquisitions, and as part of its targeted consolidation model, is pursuing acquisition targets in the finance and accounting, administrative, engineering, IT, and light industrial staffing space.
For more information, visit http://www.staffing360solutions.com. Follow Staffing 360 Solutions on Facebook, LinkedIn and Twitter.
Forward-Looking Statements
This 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. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company's control, and cannot be predicted or quantified; consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, our ability to retain our listing on Nasdaq and to regain and maintain compliance with the Nasdaq listing rules; our anticipated filing of our Annual Report on Form 10-K for the period ended December 30, 2023; market and other conditions; the geographic, social and economic impact of COVID-19 endemic and its ongoing effects on the Company’s ability to conduct its business and raise capital in the future when needed; weakness in general economic conditions and levels of capital spending by customers in the industries the Company serves; weakness or volatility in the financial and capital markets, which may result in the postponement or cancellation of customer capital projects or the inability of the Company’s customers to pay the Company’s fees; the termination of a major customer contract or project; delays or reductions in U.S. government spending; credit risks associated with the Company’s customers; competitive market pressures; the availability and cost of qualified labor; the Company’s level of success in attracting, training and retaining qualified management personnel and other staff employees; changes in tax laws and other government regulations, including the impact of health care reform laws and regulations; the possibility of incurring liability for the Company’s business activities, including, but not limited to, the activities of the Company’s temporary employees; the Company’s performance on customer contracts; negative outcome of pending and future claims and litigation; government policies, legislation or judicial decisions adverse to the Company’s businesses; the Company’s ability to access the capital markets by pursuing additional debt and equity financing to fund its business plan and expenses on terms acceptable to the Company or at all; and the Company’s ability to comply with its contractual covenants, including in respect of its debt agreements, 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 Securities and Exchange Commission, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-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:
Roger Pondel or Laurie Berman
PondelWilkinson Inc.
310-279-5980
pwinvestor@pondel.com
FAQ
Why did Staffing 360 Solutions receive a Nasdaq notification?
What is the deadline for Staffing 360 Solutions to address the filing deficiency?
What is the Nasdaq Listing Rule related to the filing of the Annual Report on Form 10-K?
What will the Nasdaq Hearings Panel consider in relation to the late filing?
