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GlobeNewswire

Staffing 360 Solutions announces pricing for a public offering of common stock of US $ 19.7 million

NEW YORK, February 9, 2021 (GLOBE NEWSWIRE) – Staffing 360 Solutions, Inc. (NASDAQ: STAF), a human resources company pursuing an international buy-integrate-build strategy by acquiring human resources organizations in the US and the US The United Kingdom today announced the pricing of a public offering of 21,855,280 common shares (or common stock equivalents instead) at a public price of $ 0.90 per common share (or common stock equivalent). Total gross proceeds from this offering are expected to be approximately $ 19.7 million, net of the agency fees payable by Staffing and other estimated offering costs. The offering is expected to close on or around February 12, 2021, subject to customary closing conditions being met. HC Wainwright & Co. is acting as the exclusive placement agent for the offering. The Company intends to use 75% of the net proceeds from this offer to redeem a portion of its outstanding debt maturing September 30, 2022 and 25% of the net proceeds from this offer to redeem a portion of its Series E preferred shares. The offer is made under an effective registration statement on Form S-1 (File Number 333-252059) filed with the Securities and Exchange Commission (the “SEC”) and declared effective on February 9, 2021. The offer is only made by means of a prospectus, which is part of the effective registration declaration. The final terms of the offering will be published in a final prospectus that will be filed with the SEC and made available on the SEC’s website at www.sec.gov. Electronic copies of the final prospectus, when available, are also available from HC Wainwright & Co., LLC, 430 Park Avenue, 3rd Floor, New York, NY 10022, by calling (646) 975-6996 or emailing Placements @ hcwco.com. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will any sale of these securities be made in any state or jurisdiction in which such offer, solicitation or sale is prior to registration or qualification in accordance with the law would be illegal in the securities laws of such state or jurisdiction. About Staffing 360 Solutions, Inc. Staffing 360 Solutions, Inc. is involved in the implementation of an international buy-integrate-build strategy through the acquisition of national and international HR organizations in the US and UK. More information is available at www.staffing360solutions.com. Forward-Looking Statements This press release contains forward-looking statements that may be identified by the words “expect,” “be pleased,” “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 control of the company and cannot be predicted or quantified. Statements about the completion of the offer described above, the expected proceeds from the offer, the intended use of the net proceeds from the offer and the time of the completion of the offer; As a result, actual results could differ materially from those expressed or implied in such forward-looking statements. These risks and uncertainties include, but are not limited to, market and other conditions, as well as the satisfaction of customary closing conditions in connection with the offering. the company’s ability to maintain its common stock listing on the Nasdaq Capital Market; the geographic, social, and economic impact of COVID-19 on the company’s ability to conduct business when needed and raise future capital; Weakness in general economic conditions and levels of customer investment in the industries in which the company operates; Weakness or volatility in the financial and capital markets, which may result in the postponement or cancellation of client capital projects or the inability of the company’s clients to pay the company’s fees; the termination of a large customer contract or project; Delays or cuts in US government spending; Credit risks associated with the company’s customers; Competitive pressure in the market; Availability and cost of skilled labor; the company’s success in attracting, training and retaining qualified management and other employees; Changes in tax laws and other government regulations, including the impact of health care reform laws and regulations; the ability to assume liability for the company’s business including, but not limited to, the activities of the company’s temporary workers; the company’s performance on customer contracts; negative outcome of pending and future claims and litigation; Government policies, legislation or court decisions that conflict with the company’s business; the company’s ability to gain access to capital markets by providing additional debt and equity financing to fund its business plan and expenses on terms or at all, acceptable to the company; the company’s ability to obtain lending under the paycheck protection program; and the company’s ability to meet its contractual obligations, including with respect to its debt arrangements, as well as various additional risks, many of which are now unknown and generally beyond the company’s control, and which are identified under the heading “Risk Factors” in the Company on Form S-1 (File Number 333-252059), filed with the SEC, and other documents subsequently filed with the SEC or on filing with the SEC. Staffing 360 Solutions assumes no obligation to update the statements (including any forward-looking statements) contained herein, except as required by law. Investor Relations Contact: Terri MacInnis, Vice President of IRBibicoff + MacInnis, Inc. (818) 379-8500 [email protected]