Staffing 360 Solutions (STAF) prices 1.88m unit offering at $2.6532

Staffing 360 Solutions, Inc. (NASDAQ: STAF) announced the pricing of a public offering of 1,884,516 units (or pre-funded units in lieu thereof), each unit consisting of one share of common stock (or pre-funded warrant in lieu thereof) and one warrant to purchase one share of common stock, at an offering price to the public of $2.6532 per unit (or pre-funded unit in lieu thereof). The shares of common stock (or pre-funded warrants) and the warrants included in the units (or pre-funded units in lieu thereof) can only be purchased together in the offering, but will be issued separately and will be immediately separable upon issuance. The warrants have an exercise price of $2.47 per share, will be immediately exercisable, and will expire five years from issuance. The offering is expected to close on or about February 10, 2023, subject to the satisfaction of customary closing conditions.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

The gross proceeds to the Company from the offering are expected to be approximately $5 million, before deducting the placement agent’s fees and other offering expenses payable by the Company. The Company intends to use 50% of the net proceeds to repay a portion of the outstanding obligations under the Third Amended and Restated Senior Secured 12% Promissory Note held by Jackson Investment Group, LLC, and the remaining 50% of the net proceeds for working capital purposes.

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