Staffing 360 Solutions (STAF) Announces Reverse Stock Split

Staffing 360 Solutions, Inc. (Nasdaq: STAF) (“Staffing 360” or the “Company”), a company executing a buy-integrate-build strategy through the acquisition of staffing organizations in the United States, announced today that it intends to effect a reverse stock split of its common stock at a ratio of one (1) post-split share for every ten (10) pre-split shares. The reverse stock split will become effective at 4:05 p.m., New York time, on Tuesday, June 25, 2024. Staffing 360’s common stock will continue to trade on the Nasdaq Capital Market under the symbol STAF, and will begin trading on a split-adjusted basis when the market opens on Wednesday, June 26, 2024. The new CUSIP number for the common stock following the reverse stock split will be 852387604.

At the Company’s annual meeting of stockholders held on December 27, 2023, Staffing 360’s stockholders granted the Company’s Board of Directors (the “Board”) the discretion to effect a reverse stock split of all of the outstanding shares of Staffing 360’s common stock through an amendment to its Amended and Restated Certificate of Incorporation at a ratio of not less than 1-for-2 and not more than 1-for-20, with the exact ratio and timing to be determined by the Board.

At the effective time of the reverse stock split, every ten (10) shares of Staffing 360’s issued and outstanding common stock will be converted automatically into one (1) issued and outstanding share of common stock without any change in the par value per share or the number of authorized shares of common stock. Stockholders holding shares through a brokerage account will have their shares automatically adjusted to reflect the 1-for-10 reverse stock split. It is not necessary for stockholders holding shares of the Company’s common stock in certificated form to exchange their existing stock certificates for new stock certificates of the Company in connection with the reverse stock split, although stockholders may do so if they wish.

The reverse stock split will affect all stockholders uniformly and will not alter any stockholder’s percentage interest in the Company’s equity, except to the extent that the reverse stock split would result in a stockholder owning a fractional share. Any fractional share resulting from the reverse stock split will be rounded up to the nearest whole number of shares. The reverse stock split will reduce the number of shares of Staffing 360’s common stock outstanding by a factor of ten (10) from 6,397,388 shares to approximately 639,739 shares, subject to adjustment for the rounding up of fractional shares. Proportional adjustments will be made to the number of shares of Staffing 360’s common stock issuable upon the exercise or conversion of Staffing 360’s equity awards, convertible preferred stock and warrants, as well as the applicable exercise price or conversion price. Stockholders with shares in brokerage accounts should direct any questions concerning the reverse stock split to their broker; all other stockholders may direct questions to the Company’s transfer agent, Securities Transfer Corporation, via email at [email protected] or by telephone at (469) 633-0101.

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