Staffing 360 Solutions Inc. (NASD: STAF) closed Thursday on $7.4 million in financing with private investment firm Jackson Investment Group LLC, which is led by Jackson Healthcare chairman and CEO Richard Jackson.

Jackson Investment Group manages more than $1.5 billion of assets and owns Jackson Healthcare, the fourth-largest healthcare staffing firm in the US and 22^nd-largest US staffing firm overall.

The Jackson Healthcare firm was not involved in the transaction.

The $7.4 million in secured debt has a term of 18 months and an interest rate of 6%, payable at maturity. The debt includes 1.65 million shares of Staffing 360 common stock that was issued to the investor at closing. The principal balance of the debt is nonconvertible, however, up to 50% of the interest may be paid in the form of common stock valued at $2.00 per share.

In connection with the financing, Staffing 360 issued to Jackson Investment Group 3.15 million common stock purchase warrants, which are cash-exercise only, and have an above-market strike price of $1.35.

“This marks a significant milestone in our corporate history,” said Staffing 360 Executive Chairman Brendan Flood.

“With the financing from Jackson Investment Group officially closed, this gives us the opportunity to refinance debt, support our operations with working capital and positions us to continue our high-growth M&A strategy,” Flood said. “Not only does this transaction help strengthen our balance sheet, which has been a major focus of ours, it establishes a strategic relationship with an industry partner that has decades of staffing industry experience.”

Separately, Staffing 360 reported in a filing with the US Securities and Exchange Commission that The Nasdaq stock market last Wednesday notified the company that, based upon the closing bid price of the company’s common stock for the last 30 consecutive business days, the common stock did not meet the minimum bid price of $1.00 per share required. Staffing 360 has 180 calendar days from the date of the notification, or until July 24, to comply with the minimum bid rule. The company reported it intends to meet the requirements for the minimum bid rule in the future and is evaluating the manner to do so.

Staffing 360 targets a global “buy-and-build” strategy through acquisitions of staffing firms in the US and UK, with a goal of annual revenue of $300 million.

The company has made seven acquisitions and one divestiture since it began operations in October 2012, according to the company’s most recent annual report. Those deals include: Control Solutions International Inc. in November 2013; Initio International Holdings Ltd. in January 2014; Poolia UK Ltd. in February 2014; PeopleSERVE in May 2014; Lighthouse Placement Services in July 2015; and The JM Group in November 2015.

This story was updated on Feb. 10, 2017 to reflect that the Jackson Healthcare firm was not involved in the transaction.