Current Report Filing (8-k)
October 25 2022 - 3:06PM
Edgar (US Regulatory)
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2022-10-20
2022-10-20
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
October
20, 2022
Date
of Report (Date of earliest event reported)
STAFFING
360 SOLUTIONS, INC.
(Exact
name of registrant as specified in its charter)
Delaware |
|
001-37575 |
|
68-0680859 |
(State
or other jurisdiction of
incorporation) |
|
(Commission
File
Number) |
|
(I.R.S.
Employer
Identification
Number) |
757
3rd Avenue
27th
Floor
New
York, NY 10017
(Address
of principal executive offices)
(646)
507-5710
(Registrant’s
telephone number, including area code)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
|
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
stock |
|
STAF |
|
NASDAQ |
Item
1.01 Entry Into a Material Definitive Agreement.
Amendments
to Credit Agreement
On
October 20, 2022, Staffing 360 Solutions, Inc. (the “Company”) and certain of its domestic subsidiaries entered
into an amendment (“Amendment No. 26”) to the Credit and Security Agreement, dated as of April 8, 2015 (as
amended, the “Credit Agreement”) with MidCap Funding X Trust. Amendment No. 26 extends the Commitment Expiry
Date, as defined in the Credit Agreement, to October 27, 2022. The foregoing description of Amendment No. 26 does not purport to be complete
and is qualified in its entirety by reference to the full text of Amendment No. 26, a copy of which is attached hereto as Exhibit 10.1
and incorporated herein by reference.
Limited
Consent
On
October 21, 2022, the Company entered into a limited consent (the “Limited Consent”) to the Second Amended
and Restated Note Purchase Agreement, dated as of October 26, 2020 (the “Note Purchase Agreement”), with Jackson
Investment Group, LLC. The Limited Consent extends the existing maturity date of the Amended and Restated Senior Secured 12% Promissory
Note, dated as of October 26, 2020, from October 21, 2022 to October 28, 2022. The foregoing description of the Limited Consent does
not purport to be complete and is qualified in its entirety by reference to the full text of the Limited Consent, a copy of which is
attached hereto as Exhibit 10.2 and incorporated herein by reference.
Item
9.01 Financial Statements and Exhibits.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
Date:
October 25, 2022 |
STAFFING
360 SOLUTIONS, INC. |
|
|
|
|
By: |
/s/
Brendan Flood |
|
|
Brendan
Flood |
|
|
Chairman
and Chief Executive Officer |
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