NEW YORK, Nov. 16, 2018 (GLOBE NEWSWIRE) -- Staffing 360 Solutions, Inc. (NASDAQ: STAF), a company executing an international buy-integrate-build strategy through the acquisition of staffing organizations in the United States and the United Kingdom, today announced it has filed the required documentation with the Nasdaq Hearings Panel to demonstrate compliance under Listing Rule 5550(b)(1).
On April 3, 2018, Staffing 360 Solutions was advised by the Staff of The Nasdaq Stock Market that it did not comply with the minimum $2.5 million net shareholders’ equity requirement in Listing Rule 5550(b)(1). The Company had until November 16, 2018, to regain compliance. On November 15, 2018, the Company filed the requisite documentation that it believes represents that compliance has been regained.
A Form 8-K has been filed with the Securities and Exchange Commission outlining the details of the actions taken by the Company in regaining compliance. The material effect was the conversion of $13 million of Term Loan held by the Jackson Investment Group, LLC (“JIG”) into Series E Preferred Stock. On a pro-forma basis on the September Balance Sheet, as part of the Form 10Q filed on November 13, 2018, the net shareholders’ equity would have been $5.9 million.
Brendan Flood, Chairman and Chief Executive Officer said, “Maintaining our Nasdaq compliance has been a key priority for our leadership team. We are committed to our goal of building a profitable $500MM revenue business and driving the value of our stock for our shareholders. We are grateful to JIG for its continued partnership and belief in our long-term vision and management team. We look forward to driving forward with our plans and we remind investors that we will host a call next Monday, November 19, 2018, to further update our investors on our results and plans. We thank all of our investors for their patience while we resolved the listing deficiency. We also thank the Staff at Nasdaq for working with us while the resolution developed.”
Conference Call
The Company will host a conference call focusing on financial results, recent business developments and growth initiatives on Monday, November 19, 2018 at 9:00am Eastern Time.
The Participant Dial-In Number for the conference call is 1-631-891-4304. Participants should dial in to the call at least five minutes before 9:00am EST on November 19, 2018. The call can also be accessed "live" online at http://public.viavid.com/index.php?id=132238. A replay of the recorded call will be available for 90 days on the Company's website (http://www.staffing360solutions.com/res.html).
You can also listen to a replay of the call by dialing 1-844-512-2921 (international participants dial 1-412-317-6671) starting November 19, 2018, at 7:30pm EST through December 3, 2019 at 11:59 pm EST. Please use PIN Number 10005873.
About Staffing 360 Solutions, Inc.
Staffing 360 Solutions, Inc. is engaged in the execution of an international buy-integrate-build strategy through the acquisition of domestic and international staffing organizations in the United States and United Kingdom. The Company believes that the staffing industry offers opportunities for accretive acquisitions that will drive its annual revenues to $500 million. As part of its targeted consolidation model, the Company is pursuing acquisition targets in the finance and accounting, administrative, engineering, IT, and Light Industrial staffing space. For more information, please visit: 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. Although Staffing 360 Solutions, Inc. believes such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Actual results may vary materially from those expressed or implied by the statements herein, including the goal of achieving annualized revenues of $500 million, due to the Company’s ability to successfully raise sufficient capital on reasonable terms or at all, to consummate additional acquisitions, to successfully integrate newly acquired companies, to organically grow its business, to successfully defend potential future litigation, changes in local or national economic conditions, the ability to comply with contractual covenants, including in respect of its debt, 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 SEC, including quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form 10-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:
Harvey Bibicoff, CEO
Bibicoff + MacInnis, Inc.
818.379.8500 harvey@bibimac.com