secwatch.observer — SEC 8-K summary
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Issuer:     Staffing 360 Solutions, Inc. (—)
CIK:        0001499717
Form:       8-K
Filed at:   2023-09-01T23:59:59+00:00
Accession:  0001493152-23-031394
Event type: debt
Sentiment:  negative
Materiality: 0.75
Item codes: 1.01, 2.03, 3.02, 3.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Staffing 360 issues $2M 12% note to Jackson, amends MidCap facility, waives default
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- Issued $2M 12% senior secured note due Oct 2024 to Jackson Investment Group; interest rises to 16% if 50% not repaid by Oct 27, 2023.
- Also issued 200,000 unregistered shares to Jackson as commitment fee under Section 4(a)(2) and Rule 506(b).
- Amendment No. 28 with MidCap increases revolving loan margin from 4.25% to 4.50%, adds fixed charge coverage ratio of 1.00:1.00.
- MidCap waives event of default for failing to maintain minimum liquidity in June 2023; Company must prepay loans from equity proceeds.
- Proceeds from Jackson note used to repay other indebtedness; modification fee of $68,250 and overdue interest of $31,750 to MidCap.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1499717/000149315223031394/0001493152-23-031394-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1499717/000149315223031394/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-23-031394

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