Staffing 360 Solutions Inc. (NASDAQ: STAF) reported a reverse stock split took effect Thursday. The reverse split converted every 10 shares of common stock into one without change in par value per share.

“We are effecting this reverse stock split to raise Staffing 360’s common stock price in order to regain compliance with the Nasdaq Capital Market’s $1.00 per share minimum bid continued listing requirement,” CEO and President Brendan Flood said.

The trading of its shares on a national market increases the company’s visibility in the marketplace, improves liquidity, broadens and diversifies its stockholder base, and ultimately enhances long-term stockholder value, Flood noted.

The move will reduce the number of shares of Staffing 360’s common stock outstanding from 17,618,300 shares to approximately 1,761,830 shares.

Staffing 360 continues to be traded on the Nasdaq Capital Market under its existing symbol STAF.