GEE Group Inc. (JOB): M&A transaction — GEE Group acquires Hornet Staffing for $1.5M; adds MSP/VMS and offshore recruiting capability

GEE Group Inc.

Total consideration $1.5M: $1.1M cash + $400K in subordinated unsecured promissory notes at 5% p.a.
Acquired 100% of Hornet common stock; founder Larry Bruce continues as Managing Director and joins GEE Group National Sales Team.
Acquisition expected to be accretive to earnings and generate solid adjusted EBITDA; strengthens ability to compete for Fortune 1000 MSP/VMS contracts.
Hornet provides staff augmentation services nationwide; offshore recruiting model aims to reduce hiring timelines up to 40% and cut operational expenses up to 70%.
GEE Group's current ratio 3.8; plans to continue seeking accretive acquisitions to maximize shareholder value.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

GEE Group Inc. completed an acquisition involving Hornet Staffing, Inc. for $1,500,000 consisting of (i) a $1,100,000 cash payment, and (ii) the issuance to the Shareholders of subordinated and unsecured promissory notes totaling an agg (closed 2025-01-03).

Action: acquisition
Counterparty: Hornet Staffing, Inc.
Consideration: $1,500,000 consisting of (i) a $1,100,000 cash payment, and (ii) the issuance to the Shareholders of subordinated and unsecured promissory notes totaling an agg
Closing: 2025-01-03

Exact text from the filing

(the “Purchased Shares”). The Purchased Shares represent 100% of the ownership interest in Hornet. The total consideration paid to the Shareholders for the Purchased Shares was $1,500,000 consisting of (i) a $1,100,000 cash payment, and (ii) the issuance to the Shareholders of subordinated and unsecured promissory notes (the "Promissory Notes") totaling an

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Source: SEC EDGAR

accession 0001477932-25-000128

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