STAF - Staffing 360 Solutions prices $5M securities offering

• Staffing 360 Solutions ( NASDAQ: STAF ) has priced a public offering of 1,884,516 units, each unit consisting of one share of common stock and one warrant to purchase one share of common stock, at an offering price to the public of $2.6532/unit.
• The shares of common stock and the warrants, 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/share, will be immediately exercisable, and will expire five years from issuance.
• Offering is expected to close on or about February 10, 2023.
• Gross proceeds to the company from the offering are expected to be ~$5M.
• 50% of the net proceeds will be used 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.
• Additionally, it has agreed that certain existing warrants to purchase up to an aggregate of 876,654 shares of common stock at an exercise price of $5.85 per share and an expiration date of January 7, 2028 will be amended effective upon the closing of the offering.
• Shares are up 3.64% after-hours on Tuesday.

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