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Benzinga
Benzinga
Business
Akanksha Bakshi

Staffing 360 Solutions Agrees To Acquire Headway Workforce Solutions For $14M

Headway Nasdaq
  • Staffing 360 Solutions Inc (NASDAQ:STAF) has agreed to acquire Headway Workforce Solutions for up to ~$14 million in stock and cash.
  • Headway offers customized contract-based workforce solutions in all 50 states, providing full-scope staffing. Headway reported unaudited revenues of $85 million in 2021.
  • The acquisition will expand STAF’s offerings nationwide with enhanced cutting-edge tools and technologies.
  • Upon closing, $9 million will be paid by issuing preferred stock convertible into ~3.5 million common shares and up to $5 million cash through an earn-out.
  • Staffing 360 Solutions held cash in hand of $2.23 million as of October 2, 2021.
  • Price Action: STAF shares are trading lower by 3.74% at $0.75 on the last check Tuesday.
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