STAF - Staffing 360 Solutions to raise $4.7M in convertible preferred stock private placement

Staffing 360 Solutions ([[STAF]] +0.6%) entered into a securities purchase agreement with certain institutional investors in connection with a private placement of 4,697.6328 shares of Series F convertible preferred stock at $1K/share.It also issued warrants to purchase up to 7.83M shares at an exercise price of $0.60/share.It expects to receive gross proceeds of ~$4.7M.It plans to use $1M of the net proceeds for working capital purposes and the remaining proceeds will be used to repay existing debt and/or redeem shares of Series E Convertible Preferred Stock.Offering is expected to close on or about Apr. 23.

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Staffing 360 Solutions to raise $4.7M in convertible preferred stock private placement