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    What Is Driving The Staffing 360 (STAF) Stock Higher In Early Trades?

    By Fahim Awan

    Jul 26,2021

    7:15 AM UTC

    As of the last check, shares of Staffing 360 Solutions Inc. (STAF) were up 4.30% on the charts to trade at $2.91. STAF stock was up 18.28% in the premarket trades to $3.30 today. Staffing 360 Solutions stock fell -9.12% on Friday to close at $2.79. Staffing 360 Solutions stock traded at a volume of 1.82 million, which was lower than the average volume of 3.05 million over the last three months. The STAF stock fluctuated between $2.72 and $3.03 during the trading session. STAF stock has been surging since receiving full forgiveness of its PPP loans.

    How much forgiveness has STAF Stock?

    Through the acquisition of domestic and international staffing agencies in the United States and the United Kingdom, Staffing 360 Solutions is executing an international buy-integrate-build strategy. Staffing 360 Solutions believes the staffing industry offers opportunities for acquisitions accretive to its bottom line, and has targeted the areas of finance and accounting, administrative, engineering, information technology, and light industrial staffing for integration as part of its targeted consolidation model.

    On Thursday, August 12, 2021, Staffing 360 Solutions will host a conference call to present its fiscal second quarter and six-month financial results, announced the company in a press release today.

    • The call is scheduled to begin at 9:00 am Eastern Time.
    • During the conference call, STAF will discuss financial results, the COVID-19 environment, and recent positive developments.
    • Following the market close on August 11, 2021, Staffing 360 Solutions will issue related press releases.

    Management will discuss the following during the call:

    • The Small Business Administration (SBA) recently fully forgiven STAF’s 19.4 million Paycheck Protection Program (PPP) loans.
    • As of the past twelve months, Staffing 360 Solutions’ debt has been reduced by 70.4% resulted in a materially improved balance sheet.
    • In addition to the 70.4% debt reduction obtained by STAF, $2,080,000 was also released as part of the redemption feature.
    • Approximately $5.0 million paid on July 23, 2021 towards the outstanding note due September 30, 2022, as well as featured amount held in escrow since STAF’s FirstPRO sale to redeem Series G Preferred, was released.
    • Jackson Investment Group (JIG) has a conversion feature on the Series G that allows it to convert all of its outstanding Series G and G-1 shares back into 12% notes, meaning that approximately $5.7 million should be converted back into series G notes.
    • Management expects this conversion to take place soon.
    • In addition, STAF will discuss revenue and gross profit growth over the past year.

    Participating in the conference call:

    The call will begin at 9:00 am ET on August 12, 2021, so participants will need to dial in five minutes previously. Interested parties can also follow STAF’s call on-line by visiting using ID 145866. A recording of this call will be made available on the Staffing 360 Solutions (STAF) website for 90 days. The STAF call replay can be accessed by dialing 844-512-2921 between August 12, 2021, and August 15, 2021, at 11:59 p.m. ET.

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