Staffing 360 Solutions Raises $3.65M Via Registered Direct Equity Offering

Staffing 360 Solutions Inc (NASDAQ:STAF) has entered into a securities purchase agreement with several institutional investors to offer 1.38 million common shares at $2.6425 per share for gross proceeds of $3.65 million.
The company agreed to issue the investors unregistered warrants to purchase up to an aggregate of 691,581 shares of common stock. The warrants have an exercise price equal to $2.58 per share.
Staffing 360 plans to use the net proceeds to redeem a portion of its outstanding note due September 30, 2022.
The offering is expected to close on or about August 9, 2021.
Price Action: STAF shares closed lower by 10.68% at $2.30 on Thursday.