Staffing 360 Solutions to require internal U.S. employees to be vaccinated » 08:4007/3007/30/21
Staffing 360 Solutions…
Staffing 360 Solutions announced that as part of its ongoing duty to keep its employees, their families, contractors, temporary workers, clients and visitors as safe as possible, the Company will now require COVID-19 vaccinations for its internal U.S. employees. While the decision to mandate the vaccine is not legislated in the UK, we are proud that 95% of our UK staff has chosen the vaccine voluntarily.
|Over a week ago|
Staffing 360 Solutions receives full forgiveness of $19.4M PPP loans » 08:4107/2607/26/21
Staffing 360 Solutions…
Staffing 360 Solutions announced it will host a conference call to report its fiscal second quarter and six-month financial results on Thursday, August 12, 2021 at 9:00 am Eastern Time to discuss financial results. During the call, management will discuss: Recent full forgiveness of the entire $19.4M in Paycheck Protection Program, or PPP, loans made to the company by the Small Business Administration; materially improved balance sheet with a cumulative debt reduction of 70.4% in the past twelve months; the 70.4% debt reduction includes the redemption feature triggered by the release of $2.08M that had been held in escrow since the FirstPRO sale to redeem Series G Preferred and approximately $5M paid July 23, 2021 towards the outstanding note due September 30, 2022; and year-over-year revenue and gross profit growth.
Staffing 360 Solutions price target lowered to $8.50 from $15 at Greenridge » 09:3207/2307/23/21
Greenridge analyst William Gregozeski lowered the firm's price target on Staffing 360 Solutions to $8.50 from $15 and reiterates a Buy rating on the name after the company announced a 2.2M share direct offering at $3.80. The transaction is needed to better position Staffing 360 going forward and reduce the "bleeding" of its balance sheet, but the financing came at a high price in terms of dilution, Gregozeski tells investors in a research note.
Fly Intel: Pre-market Movers » 09:0207/2107/21/21
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Staffing 360 Solutions prices 2.2M share registered direct offering at $3.45 » 07:0707/2107/21/21
H.C. Wainwright & Co.…
H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
|Over a month ago|
Fly Intel: After-Hours Movers » 18:1507/0107/01/21
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Staffing 360 Solutions announces reverse stock split to maintain Nasdaq listing » 12:3306/3006/30/21
Staffing 360 Solutions…
Staffing 360 Solutions announced that it intends to effect a reverse stock split of its common stock at a ratio of 1 post-split share for every 6 pre-split shares. The reverse stock split will become effective at 5:00 p.m. on Wednesday, June 30, 2021. Staffing 360's common stock will continue to be traded on the NASDAQ Capital Market under the symbol STAF and will begin trading on a split-adjusted basis when the market opens on Thursday, July 1, 2021. At a special meeting of stockholders held on June 21, 2021, Staffing 360's stockholders granted the company's Board of Directors the discretion to effect a reverse stock split of Staffing 360's common stock through an amendment to its Certificate of Incorporation at a ratio of not less than 1-for-2 and not more than 1-for-20, such ratio to be determined by the company's Board of Directors.
Staffing 360 Solutions announces $10M PPP loan forgiveness » 08:4306/2406/24/21
As recently reported, the…
As recently reported, the Company received notification from the Small Business Administration of the full forgiveness of the $10M PPP loan made to Monroe Staffing Services, LLC, an indirect wholly owned subsidiary of the Company. The Company has applied for forgiveness of a further $9.4M of PPP loans. While there is no guarantee of forgiveness, the Company is optimistic that these remaining PPP loans will be similarly forgiven.
Staffing 360 Solutions expects positive net income in Q2 » 08:4206/2406/24/21
As previously reported,…
As previously reported, the Company completed a series of capital raises in December 2020, February 2021, and April 2021 as part of our continued program that helped materially reduce the interest burden on our income statement. Specifically, in Q1 2020 and Q2 2020, the Company reported interest charges of $2.4 million and $2.1 million, respectively. This amount was reduced to $1.2 million in Q1 of 2021 and is expected to be below $1.1 million in Q2 2021, a reduction in the first six months of $2.2 million, year-over-year, or almost 50As previously reported, the Company also completed a series of capital raises in December 2020, February 2021, and April 2021 as part of our continued program that helped materially reduce the interest burden on our income statement. Specifically, in Q1 2020 and Q2 2020, the Company reported interest charges of $2.4 million and $2.1 million, respectively. This amount was reduced to $1.2 million in Q1 of 2021 and is expected to be below $1.1 million in Q2 2021, a reduction in the first six months of $2.2 million, year-over-year, or almost 50%. As a consequence of the above, the Company expects positive net income for the quarter ending July 3, 2021, prior to the recognition of any additional Paycheck Protection Program loan forgiveness.
Staffing 360 Solutions expects Q2 revenue in excess of $52M, one est. $51.52M » 08:4106/2406/24/21
The company said,…
The company said, "Based on the strength of increasing business flow in all three of its Business Streams for the eleven weeks through the middle of June, the Company anticipates reporting for the second quarter ending July 3, 2021: Approximately 20% year-over-year growth in revenue, 27% growth excluding the business disposed of in September, and Approximately 20% growth in gross profit in Q2, about 38% growth excluding the business disposed of in September, which is in line with the growth in revenue and gross profit for Q2 discussed last month during its Q1 Results Conference Call. Revenues in excess of $52 million and operating profit of $457,000, as compared with a loss in Q2 2020 of $1.5 million. The anticipated operating profit growth was driven by both the Company's gross profit recovery and the cost saving initiatives undertaken during the pandemic which is anticipated to show a reduction in operating expenses from $9 million in Q2 2020 to $8.2 million in Q2 2021."