NEW YORK, NY–(Marketwired – September 15, 2015) – Staffing 360 Solutions, Inc. , a public company executing a global buy-and-build strategy through the acquisition of staffing organizations with operations in the US and UK, today announced that it has received the green light from NASDAQ to proceed with a reverse split, which will begin the final stages of the Company’s anticipated uplisting process. Currently, the Company meets all listing requirements of the NASDAQ Capital Market, with the exception of its share price.
The Company’s Board of Directors has approved a range of reverse split ratios for the executive management team to effectuate. Staffing 360 Solutions has initiated the process with FINRA and expects the upcoming reverse split to become effective shortly, within the next few days.
“Our loyal investors have been waiting for this moment for a long time,” stated Brendan Flood, Executive Chairman of Staffing 360 Solutions. “We are pleased to announce this fantastic news from NASDAQ, which represents a critical step in the final phase of our goal to begin trading on a national exchange. As we continue to drive toward our stated mission of reaching $300 million in revenue, I strongly believe a NASDAQ listing will validate our unwavering commitment to creating a major global staffing company with strong corporate governance and full transparency.”
Since all listing requirements for NASDAQ have been attained, aside from share price, the reverse split represents one of the last steps before trading begins. Based on management’s analysis, the Company anticipates a 1-for-10 reverse split, however, management has the flexibility to choose a different ratio before it becomes effective, based on any upcoming movements of share price and trading activity. Staffing 360 Solutions will provide additional updates over the coming days.
“The entire team at Staffing 360 Solutions is confident that a listing on NASDAQ will be of tremendous benefit to our existing and potential shareholders,” added Darren Minton, Executive Vice President of Staffing 360 Solutions. “Not only do we believe that becoming a NASDAQ company will allow us to appeal to additional investors and increase liquidity, we expect it to make Staffing 360 Solutions a more attractive investment opportunity for the institutional investment community, enhance our capital raising capabilities, as well as underline our unwavering commitment to creating shareholder value.”
About Staffing 360 Solutions, Inc.
Staffing 360 Solutions, Inc. is a public company in the staffing sector engaged in the execution of a global buy-and-build strategy through the acquisition of domestic and international staffing organizations with operations in the US and UK. The Company believes the staffing industry offers opportunities for accretive acquisitions that will drive its annual revenues to $300 million. As part of its targeted consolidation model, the Company is pursuing acquisition targets in the finance and accounting, administrative, engineering and IT industries. For more information, please visit: www.staffing360solutions.com.
Certain matters discussed within this press release are forward-looking statements including, but not limited to the timing and ability to enter into any additional acquisitions, as well as the size of future revenue. Although Staffing 360 Solutions, Inc. believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Specifically, in order for the Company to achieve annualized revenues of $300 million, the Company will need to successfully raise sufficient capital, to consummate additional target acquisitions, successfully integrate any newly acquired companies, organically grow its business, successfully defend current and any potential future litigation, as well as various additional contingencies, many of which are unknown at this time and generally out of the Company’s control. The Company can give no assurance that it will be able to achieve these objectives. Staffing 360 Solutions does not undertake any duty to update any statements contained herein (including any forward-looking statements), except as required by law. Factors that could cause actual results to differ materially from expectations include general industry considerations, regulatory changes, changes in local or national economic conditions and other risks detailed from time to time in Staffing 360 Solutions’ reports filed with the SEC, including quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form 10-K.