Staffing 360 Solutions receives green light from NASDAQ to proceed with reverse split for uplisting
Currently, the Company meets all listing requirements of the NASDAQ Capital Market, with the exception of its share price.
The company’s Board of Directors has approved a range of reverse split ratios for the executive management team to effectuate. Staffing 360 Solutions has initiated the process with FINRA and expects the upcoming reverse split to become effective shortly, within the next few days.
“Our loyal investors have been waiting for this moment for a long time,” stated Brendan Flood, executive chairman of Staffing 360 Solutions. “We are pleased to announce this fantastic news from NASDAQ, which represents a critical step in the final phase of our goal to begin trading on a national exchange. As we continue to drive toward our stated mission of reaching $300 million in revenue, I strongly believe a NASDAQ listing will validate our unwavering commitment to creating a major global staffing company with strong corporate governance and full transparency.”
Since all listing requirements for NASDAQ have been attained, aside from share price, the reverse split represents one of the last steps before trading begins. Based on management’s analysis, the Company anticipates a 1-for-10 reverse split, however, management has the flexibility to choose a different ratio before it becomes effective, based on any upcoming movements of share price and trading activity. Staffing 360 Solutions will provide additional updates over the coming days.
“The entire team at Staffing 360 Solutions is confident that a listing on NASDAQ will be of tremendous benefit to our existing and potential shareholders,” added Darren Minton, executive vice president of Staffing 360 Solutions. “Not only do we believe that becoming a NASDAQ company will allow us to appeal to additional investors and increase liquidity, we expect it to make Staffing 360 Solutions a more attractive investment opportunity for the institutional investment community, enhance our capital raising capabilities, as well as underline our unwavering commitment to creating shareholder value.”