211 convertible preferreds sold at $10,000 apiece, with a 5% discount
By Devika Patel
Knoxville, Tenn., June 27 – Staffing 360 Solutions, Inc. settled a $2 million private placement of series D convertible preferred stock on June 24, according to an 8-K filed Monday with the Securities and Exchange Commission. Source Capital Group, Inc. was the agent.
The company sold 211 preferreds at $10,000 per preferred with a 5% original issue discount.
Each preferred will be convertible into common shares at $2.50 per share, a 46.2% premium to the June 23 closing share price of $1.71.
The staffing company is based in New York.
| Issuer: | Staffing 360 Solutions, Inc.
|
| Issue: | Series D convertible preferred stock
|
| Amount: | $2 million
|
| Shares: | 211
|
| Price: | $10,000, with a 5% original issue discount
|
| Conversion price: | $2.50
|
| Warrants: | No
|
| Agent: | Source Capital Group, Inc.
|
| Settlement date: | June 24
|
| Stock symbol: | OTCBB: VSUL
|
| Stock price: | $1.71 at close June 23
|
| Market capitalization: | $11.99 million
|
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