A Connecticut-based staffing company that has been pressuring GEE Group Inc. made an offer May 6 to buy the Jacksonville-based staffing company.
Star Equity Holdings Inc. is offering to buy GEE Group for preferred stock valued at 30 cents per GEE Group share.
GEE Group had about 110 million shares outstanding as of Dec. 31. Star Equity has disclosed in Securities and Exchange Commission filings it owns about 6 million GEE Group shares.
That makes the offer to buy the remaining shares worth about $31 million.
Star Equity said its offer is 33% above GEE Group’s closing price of 22.5 cents on April 30 and 40% above its Jan. 21 price of 21.5 cents, before Star Equity first publicly announced its interest in the company.
“GEE Group’s shareholders have been long‑suffering under a ‘go it alone’ strategy that has produced steep revenue declines, persistent losses, and a stock price that has declined 95% over the last 10 years,” Star Equity CEO Jeff Eberwein said in a news release.
“We believe becoming part of a larger platform like Star is the best way to maximize value for all JOB shareholders by eliminating public company costs and substantially reducing corporate overhead,” he said.
“JOB” is Gee Group’s ticker symbol.
GEE Group reported revenue of $20.5 million and a loss from continuing operations of $150,000 in its first quarter ending Dec. 31.
Star Equity, a diversified holding company with interests in several industries, had revenue of $172.2 million for all of 2025.
GEE Group did not immediately respond to an email or issue a public statement about Star Equity’s offer.
GEE Group in March said it had received unsolicited expressions of interest from various parties, without giving details, and said it engaged Roth Capital Partners as a financial advisor to help review strategic alternatives.
CEO Derek Dewan said in a news release at the time the company would respond privately to interested parties.
“In accordance with its fiduciary duties, the Board of Directors of GEE Group and its M&A Committee will consider any bona fide offer regarding a business combination, acquisition, or other transaction that it believes will enhance shareholder value,” he said in the release.
GEE Group’s stock opened at 25 cents May 6 after Star Equity announced the offer.