Company: ATLN
Filing Date: 2025-01-23
Form Type: S-4/A
Source: 0001213900-25-006032
Chunk: 485

Company: ATLANTIC INTERNATIONAL CORP.
Filing Date: 2025-01-23
Form: S-4/A
Chunk 485
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 Atlantic International corp. to their respective stockholders •Email and/or telephone correspondence with Brendan Flood, Chairman and Chief Executive Officer of Staffing 360 Solutions, Inc. and Alicia Barker, Chief Operating Officer of Staffing 360 Solutions, Inc. •Internal financial analyses and forecasts for Staffing 360 Solutions and Atlantic International Corp., prepared by Atlantic International Corp. and provided to us by Staffing 360 Solutions, Inc., related to the historical and forecasted performance of the respective entities on a stand -alonebasis •Other non -publicinternal documentation relating to the historical and forecasted performance of Staffing 360 Solutions, Inc., the historical and projected capitalization of Staffing 360 Solutions, Inc., and the historical and projected capitalization of Atlantic International Corp. •The U.S. Security Exchange Commission’s Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system •Standard & Poor’s Capital IQ and Capital IQ Pro databases •IBISWorld •Kroll Cost of Capital Calculator

| Sources of Information |

Annex B-3

CURRENT MARKET PRICES OF COMPANY AND PARENT AND POST TRANSACTION CAPITALIZATION Capitalization Table of the Company and the Exchange Ratio In the tables below, we provide the capitalization table of the Company, post -Merger, under both contemplated scenarios for the conversion of the Jackson Note:

| Option One                                      |           |
| Q2 10Q shares outstanding as at August 9th 2024 |   907,921 |
| LTIP Change of Control                          |    13,000 |
| Additional issuances August 2024                |   100,000 |
| Armistice Warrants                              |   512,820 |
| HCW Warrants                                    |         — |
| JIG Conversion                                  |   500,000 |
| Headway/Chapel Hill Inducement                  |   100,000 |
| Additional issuances August 2024                |     5,000 |
| Director Shares Q4                              |     5,000 |
| Total Shares outstanding at transaction date    | 2,143,741 |
| Conversion Ratio                                |   1.2021x |
| Converts into ATLN shares                       | 2,577,043 |

| Option Two                                      |           |
| Q2 10Q shares outstanding as at August 9th 2024 |   907,921 |
| LTIP Change of Control                          |    13,000 |
| Additional issuances August 2024