Staffing 360 Solutions Signs Amendment to Credit and Security Agreement and Limited Waiver

Staffing 360 Solutions, Inc. (NASDAQ:STAF) recently announced the signing of Amendment No. 37 to its Credit and Security Agreement and Limited Waiver. The agreement was entered into on January 15, 2025, with an effective date of January 10, 2025. The parties involved in the agreement include Staffing 360 Solutions, Inc. as Parent, along with various subsidiary borrowers, and MidCap Funding IV Trust as agent for the lenders.

Under Amendment No. 37, the Commitment Expiry Date as per the Credit and Security Agreement has been extended to February 1, 2025. This extension underscores a strategic move that aims to enhance financial flexibility and support ongoing operations for the company and its subsidiaries.

In addition, on the same day, Staffing 360 Solutions, Inc. finalized a Third Omnibus Amendment and Reaffirmation Agreement to the Note Documents with Jackson Investment Group, LLC. This amendment extends the maturity date of certain notes to the earlier of February 15, 2025, or the date of the acceleration of the notes’ maturity.

The company’s management expressed confidence in the agreements, highlighting that these steps are in line with its objective of maintaining a strong financial position amidst evolving market conditions. Both agreements are set to play a crucial role in providing a stable financial foundation for Staffing 360 Solutions and its associated entities moving forward.

The detailed terms and conditions of Amendment No. 37 and the Amendment Agreement can be referenced in the full texts attached as Exhibit 10.1 and Exhibit 10.2, respectively, in the 8-K filing submitted to the Securities and Exchange Commission (SEC).

Furthermore, a Limited Consent was granted by Staffing 360 Solutions in connection with Amendment No. 37 to the Intercreditor Agreement, allowing for a smoother execution of the amended arrangements.

Investors and stakeholders are encouraged to review the comprehensive details of these agreements as disclosed in the recently filed Form 8-K with the SEC to gain a deeper understanding of the modifications and their potential impact on the company’s financial future.

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.

Staffing 360 Solutions Company Profile

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.