Staffing 360 Solutions Receives Nasdaq Notification of Non-Compliance with Listing Rule 5250(c)(1)
25 5월 2023 - 5:05AM
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 reported that it received a letter from the Listing
Qualifications Department of the Nasdaq Stock Market LLC ("Nasdaq")
notifying the Company that it was not in compliance with
requirements of Nasdaq Listing Rule 5250(c)(1) (the “Nasdaq Listing
Rule”) as a result of not having timely filed its Quarterly Report
on Form 10-Q for the quarter ended April 1, 2023 with the
Securities and Exchange Commission ("SEC").
This notification has no immediate effect on the listing of the
Company's common stock on Nasdaq. However, if the Company fails to
timely regain compliance with the Nasdaq Listing Rule, the
Company's common stock will be subject to delisting from
Nasdaq.
Pursuant to the notification, the Company has until June 20,
2023 to file the Q1 2023 Form 10-Q or to submit to Nasdaq a plan to
regain compliance with the Nasdaq Listing Rule. If Nasdaq accepts
the Company's plan, then Nasdaq may grant the Company up to 180
days from the prescribed due date for filing the 2022 Form 10-K to
regain compliance. If Nasdaq does not accept the Company's plan,
then the Company will have the opportunity to appeal that decision
to a Nasdaq Hearings Panel.
The Company is working diligently and expects to file its Q1
2023 Form 10-Q by June 20, 2023, which would eliminate the need for
the Company to submit a formal plan to regain compliance.
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 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 StatementsThis 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 the Nasdaq Capital Market; market
and other conditions; the geographic, social and economic impact of
COVID-19 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 SEC, including quarterly
reports on Form 10-Q, current 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:Matt
BlazeiCoreIR(516) 386-0430mattb@coreir.com
Staffing 360 Solutions (NASDAQ:STAF)
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Staffing 360 Solutions (NASDAQ:STAF)
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