The General Employment Enterprises (JOB) has been experiencing a downfall in its stock price. At last check, the stock was down 30% at 0.588 USD. The regular trading also bore the loss by 20.56% on April 14, 2021 as the stock price closed at 0.85 USD. The continuous decrease in prices of JOB Stock is credited due to the JOB’s indebtedness which rounds to about 55,000,000 USD in total. The JOB debt can be divided into Revolving Credit, Security Agreement, Term Loan, and any other remainder amount for general corporate purposes like working capital and potential acquisitions.
What does General Employment Enterprises (NASDAQ: JOB) do?
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JOB is a 125-year-old company which offers staffing solutions in various professional fields. These fields include information technology, finance, accounting, and engineering. JOB was formally incorporated in the US state of Illinois in 1962. However, its predecessor has been providing staffing solutions to offices of employment since 1893. JOB operates in two segments. Services to the IT, engineering, finance, and accounting sectors are provided through General Employment, Agile Resources, Access Data Consulting, Triad, Paladin Consulting, Ashley Ellis, and Omni-One. The second segment consists of the healthcare sector, where services are provided through JOB’s Scribe Solutions brand.
Latest Development with JOB Stock
On April 15, 2021, JOB announced the pricing of an underwritten public offering of 83,333,333 shares of its common stock at 0.60 USD per share. The shares are offered by JOB to reach the gross proceedings of about $50,000,000 which are the company’s payable expenses. JOB has offered a 45-day option to the underwriters to buy an additional 12,499,999 shares of the company’s common stock in order to cover over-allotments, if there are any. All shares of the common stock are offered by JOB.
When will the Offering Close?
The offering of common stocks made by JOB is expected to close on April 19, 2021. However, it is subject to the contentment of closing conditions. Fordham Financial Management, Inc’s ThinkEquity is acting as the sole book running of JOB Stock.