Staffing 360 Solutions, Inc. Enters into Conversion Agreement with Jackson Investment Group

Staffing 360 Solutions, Inc. (NASDAQ: STAF) disclosed in a recent 8-K filing with the Securities and Exchange Commission that on January 22, 2025, the company executed a Conversion Agreement and Waiver with Jackson Investment Group, LLC. The agreement signifies a step taken in relation to the transactions outlined in the Agreement and Plan of Merger dated November 1, 2024, involving Staffing 360 Solutions, Atlantic International Corp., and A36 Merger Sub Inc.

According to the terms of the Conversion Agreement, Staffing 360 Solutions and Jackson have decided to convert all outstanding principal amounts of the 2022 Jackson Note and the 2023 Jackson Note into a total of 5,600,000 shares of the newly designated Series I Preferred Stock of the company. These shares of Series I Preferred Stock will subsequently be transformed into Merger Consideration as specified under the Merger Agreement. Furthermore, the parties have agreed to waive all accrued and unpaid interest associated with the Jackson Notes.

Moreover, contingent upon the average closing price of Atlantic’s common stock over the five trading days preceding the closing of transactions specified by the Merger Agreement, if the price falls below $5.00, Atlantic will issue additional shares of its common stock to Jackson. These additional shares, termed as Pro Rata Shares, will be calculated based on a predetermined formula and subject to a specific lock-up period.

The filing clarifies that the description of the Conversion Agreement provided is not exhaustive and is subject to the full text of the agreement, which is attached as Exhibit 10.1 to the filing.

This news update came through the Form 8-K filed by Staffing 360 Solutions, Inc., including both the details of the agreement with Jackson Investment Group and the relevant financial disclosures.

Investors and stakeholders seeking further details or clarifications concerning this transaction are encouraged to refer to the original 8-K filing on the Securities and Exchange Commission’s website.

The article also included the exhibit listing in the Form 8-K, which includes the complete Conversion Agreement and Waiver document dated January 22, 2025, between Staffing 360 Solutions, Inc. and Jackson Investment Group, LLC.

The company’s Chairman and Chief Executive Officer, Brendan Flood, signed off on the report on January 28, 2025.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Staffing 360 Solutions’s 8K filing here.

About Staffing 360 Solutions

Staffing 360 Solutions, Inc engages in the provision of based staffing services and the acquisition and management of staffing companies in the information technology, financial, accounting, healthcare and cyber security industries. It operates through the following segments: Commercial Staffing, Professional Staffing-US and Professional Staffing-UK.