Staffing 360 Solutions, Inc., a staffing company executing an international buy-integrate-build strategy through the acquisition of staffing organizations in the United States and the United Kingdom, announced the closing of its previously announced public offering of 1,884,516 units (or pre-funded units in lieu thereof), each unit consisting of one share of common stock (or pre-funded warrant in lieu thereof) and one warrant to purchase one share of common stock, at an offering price to the public of $2.6532 per unit (or pre-funded unit in lieu thereof). The warrants have an exercise price of $2.47 per share, are immediately exercisable, and will expire five years from issuance.
H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.
The gross proceeds to the Company from the offering were approximately $5 million, before deducting the placement agent’s fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from the offering for working capital purposes.
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The securities described above were offered pursuant to a registration statement on Form S-1 (File No. 333-269308) originally filed with the Securities and Exchange Commission (“SEC”) on January 20, 2023 and declared effective on February 7, 2023. The public offering was made only by means of a prospectus, which is part of the effective registration statement.
The Company also agreed to amend certain existing warrants to purchase up to an aggregate of 876,654 shares of common stock at an exercise price of $5.85 per share and an expiration date of January 7, 2028. Effective upon the closing of the offering, the amended warrants have a reduced exercise price of $2.47 per share.
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This press release shall not constitute an offer to sell or a 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 other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
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