SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported) October 22, 2002
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SOS STAFFING SERVICES, INC.
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(Exact name of registrant as specified in its charter)
Utah 0-26094 87-0295503
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(State or other jurisdiction (Commission (IRS Employer ID
of incorporation) File Number) Number)
1415 South Main, Salt Lake City, Utah 84115
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(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including area code: (801) 484-4400
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(Former name or former address, if changed since last report)
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Item 5. Other Events.
On October 22, 2002, SOS Staffing Services, Inc. filed the following press
release:
SOS STAFFING SERVICES, INC. GRANTED 180-DAY EXTENSION ON NASDAQ LISTING
SALT LAKE CITY, UTAH--SOS Staffing Services, Inc. (NASDAQ/SOSS) announced today
that it received an additional 180-day extension, until April 21, 2003, to
regain compliance with the minimum bid price per share requirement of the Nasdaq
SmallCap Market (the "SmallCap Market").
On April 22, 2002, the Company was notified by Nasdaq that it was not in
compliance with the $1.00 minimum bid price per share requirement for continued
listing on the Nasdaq National Market ("NNM"). Accordingly, the Company was
provided 90 calendar days, or until July 22, 2002, to regain compliance. On
August 12, 2002, the Company transferred to the SmallCap Market and was granted
an additional 90 calendar day grace period, or until October 21, 2002, to regain
compliance with the minimum bid price per share requirement.
The Company has not regained compliance with the $1.00 minimum bid price per
share requirement for continued listing on the SmallCap Market. However, Nasdaq
has determined that the Company met all other initial listing requirements for
the SmallCap Market and has provided the Company with an additional 180 calendar
days, or until April 21, 2003, to regain compliance with the minimum bid price
per share requirement. If the Company's minimum bid price per share closes at or
above the $1.00 per share minimum required bid price for at least 10 consecutive
trading days, the Company will have regained compliance with such requirement.
If during the SmallCap Market grace period the closing bid price of the
Company's stock is $1.00 per share or more for 30 consecutive trading days, then
the Company may be eligible to transfer its common stock back to the NNM,
provided all other requirements for continued listing on that market are met.
If the Company has not met the minimum bid price and all other listing
requirements at the expiration of the grace period, the common stock may be
subject to delisting from the SmallCap Market, subject to an appeals process, in
which event the Company's securities may be quoted in the over-the-counter
market.
SOS Staffing Services, Inc., with its subsidiaries, is a full-service provider
of commercial staffing and employment related services. SOS and its subsidiaries
operate a network of approximately 90 offices.
IMPORTANT NOTE:
Statements in this press release that are not purely historical are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements include, without
limitation, earnings projections. Each such statement encompasses the Company's
beliefs, expectations, hopes or intentions regarding future events. Words such
as "projects," "expects," "intends," "believes," "anticipates," "likely,"
"hopes" and other words of similar meaning also identify forward-looking
statements. All forward-looking statements included in this release are made as
of the date hereof and are based on information available to the Company as of
such date. The Company assumes no obligation to update any forward-looking
statement. Readers are cautioned that all forward-looking statements involve
risks, uncertainties and other factors that could cause the Company's actual
results to differ materially from those anticipated in such statements
including, without limitation, the Company's ability to attract and retain the
staff, temporary and other employees needed to implement the Company's business
plan and to meet customer needs, the Company's ability to integrate the
operations of acquired businesses, economic fluctuations, existing and emerging
competition, and changes in demands for the Company's services. Risk factors,
cautionary statements and other conditions, including economic, competitive,
governmental and technology factors, that could cause actual results to differ
from the Company's current expectations are discussed in the Company's Annual
Report on Form 10-K and other reports filed with the Securities and Exchange
Commission.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
SOS STAFFING SERVICES, INC.
By: /s/Kevin Hardy
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Name: Kevin Hardy
Title: Chief Financial Officer
Dated: October 23, 2002
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