Staffing 360 Solutions Stock Slips On $2.8M Equity offering

Staffing 360 Solutions Inc (NASDAQ:STAF) has entered into a securities purchase agreement with several institutional investors to purchase and sell 1.36 million shares at $2.10 per share for gross proceeds of ~$2.8 million.
The company has also agreed to issue unregistered warrants to purchase up to an aggregate of 0.68 million shares. The warrants have an exercise price equal to $2.04 per share and will expire five years from the issuance date.
The company intends to use the net proceeds from the offering for general working capital purposes.
The offering is expected to close on August 25, 2021.
Price Action: STAF shares are trading lower by 16.2% at $1.705 on the last check Monday.