By Denny Jacob
Staffing 360 Solutions Inc. said Thursday it is planning a reverse stock split of its common stock to regain listing compliance.
The staffing services provider said its split will be at a ratio of one post-split share for every 10 pre-split shares. The reverse stock split will be effective after the market closes Thursday and will begin trading on a split-adjusted basis when the market opens Friday, Staffing 360 Solutions said.
The reverse stock split will reduce the number of outstanding common shares to about 1.8 million shares from 17.6 million shares, the company said.
Chief Executive Brendan Flood said in prepared remarks that the reverse split is taking place to raise the company’s stock price to regain compliance with the Nasdaq Capital Market’s $1-per-share minimum bid continued listing requirement.
The stock was down roughly 15% to 65 cents in midday trading.
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