Form 8-K - Current report
16 Août 2024 - 10:15PM
Edgar (US Regulatory)
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2024-08-13
2024-08-13
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
August
13, 2024
Date
of Report (Date of earliest event reported)
STAFFING
360 SOLUTIONS, INC.
(Exact
name of registrant as specified in its charter)
Delaware |
|
001-37575 |
|
68-0680859 |
(State
or other jurisdiction of
incorporation) |
|
(Commission
File
Number) |
|
(I.R.S.
Employer
Identification
Number) |
757
Third Avenue
27th
Floor
New
York, NY |
|
10017 |
(Address
of principal executive offices) |
|
(Zip
Code) |
(646)
507-5710
(Registrant’s
telephone number, including area code)
N/A
(Former
name or former address, if changed since last report.)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
stock |
|
STAF |
|
NASDAQ |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
As
previously reported, on June 20, 2024, Staffing 360 Solutions, Inc. (the “Company”) received a letter from
the Listing Qualifications Department of the Nasdaq Stock Market (the “Staff”) indicating that it was
no longer in compliance with the minimum stockholders’ equity requirement (the “Minimum Stockholders’ Equity
Requirement”) for continued listing on the Nasdaq Capital Market (“Nasdaq”) pursuant to Nasdaq
Listing Rule 5550(b)(1), which such rule requires listed companies to maintain stockholders’ equity of at least $2,500,000
or meet the alternative compliance standards relating to the market value of listed securities or net income from continuing operations,
which the Company does not currently meet.
On
August 13, 2024, following the Staff’s review of the Company’s plan to regain compliance with the Minimum
Stockholders’ Equity Requirement submitted on June 14, 2024, and August 5, 2024, the Company received a letter (the
“Notice”) indicating that the Staff has determined to deny the Company’s request for
continued listing on Nasdaq. Pursuant to the Notice, based on the preliminary nature of the Company’s plan, the Staff
determined that the Company did not provide a definitive plan evidencing its ability to achieve near term compliance with the
continued listing requirements or sustain such compliance over an extended period of time.
Unless
the Company requests an appeal of this Staff’s determination by August 20, 2024, trading of the Company’s securities will
be suspended at the opening of business on August 22, 2024, and a Form 25-NSE will be filed with the Securities and Exchange Commission
(the “SEC”), which will remove the Company’s securities from listing and registration on the Nasdaq Stock
Market.
The
Company currently intends to timely request
a hearing before the Hearings Panel (the “Panel”) to appeal the Staff’s determination, which
such request will stay the suspension of the Company’s securities with Nasdaq and the filing of the Form 25-NSE pending
the Panel’s decision. There can be no assurance that the Panel will grant the Company’s request for continued listing on
Nasdaq, or that such hearing, if granted, will be successful.
Forward-Looking
Statements
Certain
statements made in this Current Report on Form 8-K are “forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the “safe
harbor” provisions under the Private Securities Litigation Reform Act of 1995. All statements other than statements of
historical fact included in this Current Report on Form 8-K are forward-looking statements. When used in this Current Report on Form
8-K, words such as “anticipate,” “believe,” “continue,” “could,”
“estimate,” “expect,” “intend,” “may,” “might,” “plan,”
“possible,” “potential,” “predict,” “project,” “should,”
“would” and variations of these words or similar expressions (or the negative versions of such words or expressions), as
they relate to the Company or its management team, are intended to identify forward-looking statements. Many factors could cause
actual future events to differ materially from the forward-looking statements in this Current Report on Form 8-K, including the
Company’s ability to successfully appeal a delisting determination and the Company’s ability to resolve the deficiency
under the Minimum Stockholders’ Equity Requirement and regain compliance with the continued listing requirements of
Nasdaq. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information
currently available to, the Company’s management. Forward-looking statements are not guarantees of future performance,
conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many
of which are beyond the control of the Company, including those set forth in the “Risk Factors” section of the
Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K that could cause
actual results or outcomes to differ materially from those discussed in the forward-looking statements. All subsequent written or
oral forward-looking statements attributable to the Company or persons acting on its behalf are qualified in their entirety by this
paragraph. The Company undertakes no obligation to update or revise any forward-looking statements for revisions or changes after
the date of this Current Report on Form 8-K, except as required by law.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Date:
August 16, 2024 |
STAFFING
360 SOLUTIONS, INC. |
|
|
|
|
By:
|
/s/
Brendan Flood |
|
|
Brendan
Flood |
|
|
Chairman
and Chief Executive Officer |
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