HIREQUEST ISSUES OFFER TO THE BOARD OF DIRECTORS OF TRUEBLUE, INC.

HireQuest, Inc. has proposed to acquire certain assets of TrueBlue, Inc.'s People-Ready segment for $105 million in cash, according to an announcement made on May 12, 2026. This cash offer values the on-demand segment of TrueBlue at over $100 million and translates to approximately $3.45 per share of TrueBlue stock. HireQuest, which previously made multiple offers to acquire TrueBlue in 2025, aims to engage with the TrueBlue Board of Directors to facilitate this transaction after earlier proposals were rebuffed.

TrueBlue, Inc. is a staffing solutions provider that operates various segments, including People-Ready, which focuses on on-demand staffing services. The People-Ready segment has faced challenges in performance, particularly in comparison to other growth areas within TrueBlue, such as skilled labor and renewable energy staffing. HireQuest's interest in acquiring this segment stems from its belief that the on-demand business is not only underperforming but also has potential synergies with HireQuest's existing operations, particularly its HireQuest Direct division.

The strategic rationale behind HireQuest's proposal is multifaceted. By acquiring the People-Ready segment, HireQuest aims to enhance its service offerings and expand its market presence in the staffing industry. The acquisition would allow TrueBlue to divest a segment that has not met performance expectations, thereby potentially freeing up capital for debt repayment, strategic growth initiatives, or shareholder returns. HireQuest's franchise model is positioned as a suitable approach to unlock value within the on-demand staffing space, which has been identified as an area with untapped potential.

This proposed transaction comes at a time when the staffing industry is experiencing shifts due to evolving workforce demands and economic conditions. The ongoing challenges in labor markets, alongside the increasing reliance on flexible staffing solutions, underscore the relevance of such acquisitions. HireQuest's focus on enhancing its operational capabilities through strategic acquisitions reflects broader trends in the sector, where companies are seeking to consolidate and optimize their service offerings in response to market dynamics.

In conclusion, the proposed acquisition of TrueBlue's People-Ready segment by HireQuest represents a significant move within the staffing industry. Should the deal proceed, it could reshape the competitive landscape by enabling HireQuest to strengthen its position while allowing TrueBlue to refocus its resources on higher-growth areas. The outcome of this proposal will be closely monitored by market participants, as it may signal further consolidation trends in the staffing sector and provide insights into how companies adapt to the changing demands of the labor market.