Staffing 360 Solutions (NASDAQ:STAF) jumped 8% after the company announced plans to execute a reverse common stock split at one post-split share for six pre-split shares ratio. The reverse split will be effective on Wednesday, June 30, 2021, at 5:00 pm. The company’s common shares will continue trading in the NASDAQ Capital market under ticker symbol STAF with trading on a split-adjusted basis expected to commence on Thursday, July 1, 2021, after the market opens.
The company is undertaking the reverse stock split as it seeks to raise the prices of its common shares to regain NASDAQ Capital Market’s minimum share bid requirement of $1 to continue listing. Staffing 360’s shareholders granted the Board of Directors the mandate to effect the stock split during a special meeting on June 21, 2021. The stock split will uniformly affect all shareholders but will not change their percentage interest in Staffing 360’s equity. So in the coming months, STAF is a stock to watch.
Market Reaction:
On Thursday, STAF stock went up 7.635% to $3.71 with more than 12.17 million shares, compared to its average volume of 2.08 million shares. The stock has moved within a range of $ 3.1200 – 4.2400 after opening the trade at $3.19. Over the past 52-week, the stock has been trading within a range of $ 0.5100 – 4.2400. Moreover, the stock is up another 44% in the pre-market session.
 Stock Soars On heavy Volume: More To Come?){kind=link}