Company: ATLN
Filing Date: 2025-01-23
Form Type: S-4/A
Source: 0001213900-25-006032
Chunk: 56

Company: ATLANTIC INTERNATIONAL CORP.
Filing Date: 2025-01-23
Form: S-4/A
Chunk 56
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 be completed, or as of any other date other than the date of such analysis, and the Merger Agreement does not require that the analysis be updated, revised or reaffirmed prior to the closing of the Merger to reflect any changes in circumstances between the date of the signing of the Merger Agreement and the completion of the Merger as a condition to closing the Merger. See the section titled “ The Merger — Opinion of Cornerstone Valuation, Staffing 360’s Financial Advisor”in this proxy statement/prospectus. If the Merger does not qualify as a “reorganization” under Section 368(a) of the Code, U.S. holders of Staffing 360 common stock may be required to pay additional U.S. federal income taxes. For U.S. federal income tax purposes, the Merger is intended to qualify as a “reorganization” within the meaning of Section 368(a) of the Code. In connection with the filing of the registration statement of which this proxy statement/prospectus is a part, Haynes and Boone, LLP, counsel to Staffing 360, has delivered an opinion to the effect that it is more likely than not that the Merger will qualify as a “reorganization.” Such opinion of counsel is based on, among other things, certain factual representations made by Staffing 360 and Atlantic International and certain assumptions, all of which must be consistent with the state of facts existing at the time of the Merger. If any of these 18 representations and assumptions are, or become, inaccurate or incomplete, such opinion may be invalid. An opinion of counsel represents counsel’s best legal judgment and is not binding on the IRS or the courts, which may not agree with the conclusions set forth in such opinion, including with respect to the uncertainties referred to above and discussed in more detail in the section titled “U.S. Federal Income Tax Consequences of the Merger.”The closing of the Merger is not conditioned upon achieving, or receiving a ruling from the IRS or opinion of counsel with respect to, such qualification. If the Merger does not qualify as a “reorganization” within the meaning of Section 368(a) of the Code, a U.S. holder of Staffing 360 common stock generally would recognize gain or loss for U.S. federal income tax purposes on each share of Staffing 360 common stock surrendered in the Merger in an amount equal to the difference between the fair market value, at the time of the Merger, of the Atlantic International common