Staffing 360 Solutions Inc. (OTCBB: STAF) received approval from Nasdaq to proceed with a reverse split, which begins the final stages of its anticipated uplisting process. In a quarterly letter to shareholders last month, Staffing 360 announced plans to uplist to a national exchange as soon as all listing requirements are met.

The company's board of directors approved a range of reverse split ratios. Staffing 360 Solutions initiated the process with Financial Industry Regulatory Authority and expects the upcoming reverse split to become effective within the next few days. Based on management's analysis, the company anticipates a 1-for-10 reverse split, however, management has the flexibility to choose a different ratio before it becomes effective, based on any upcoming movements of share price and trading activity.

“Our loyal investors have been waiting for this moment for a long time,” said Executive Chairman Brendan Flood. “We are pleased to announce this fantastic news from Nasdaq, which represents a critical step in the final phase of our goal to begin trading on a national exchange. As we continue to drive toward our stated mission of reaching $300 million in revenue, I strongly believe a Nasdaq listing will validate our unwavering commitment to creating a major global staffing company with strong corporate governance and full transparency.”

Separately, Staffing 360 reported today in a US Securities and Exchange Commission filing that Jeff R. Mitchell resigned from his position as chief financial officer of the company and all officer and director positions held in any subsidiary of the company, effective Sept. 18.

Mitchell submitted his resignation to the board of directors on Sept. 9; his resignation was voluntary and not a result of any disagreement with the company or its executive officers on any matter relating to the Company’s operations, policies or practices.

The board appointed Executive Chairman Brendan Flood to serve as the interim CFO while the company searches for a permanent CFO.