Staffing 360 Solutions (STAF) shares plunged -29% to $0.66 in the premarket today after it announced the pricing of an underwritten public offering of 4,188,405 shares of its common stock, previously announced for $0.60 per share, for aggregate gross proceeds of approximately $2.5 million. The underwriter has also been granted a 30-day option to purchase up to 628,260 shares of common stock for the public offering price, less the underwriting discounts and commissions. Under normal circumstances, the offering is anticipated to close by December 29, 2020.
The Company will redeem all of its outstanding notes due September 30, 2022, with 75% of the net proceeds from this proposed offering, while 25% of the net proceeds will be used to redeem all of its Series E Preferred Stock.
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The sole book-running manager for the offering is H.C. Wainwright & Co.