Company: ATLN
Filing Date: 2025-01-23
Form Type: S-4/A
Source: 0001213900-25-006032
Chunk: 502

Company: ATLANTIC INTERNATIONAL CORP.
Filing Date: 2025-01-23
Form: S-4/A
Chunk 502
---
, we calculate the Merger Consideration as 1.2021 times the price of one share of Parent Common Stock. In this analysis, we provide several estimates of the value of one share of Parent Common Stock. To determine the fairness, from a financial point of view, to the holders of shares of Company Common Stock entitled to receive such Merger Consideration, we calculate the dollar amount of the Merger Consideration using several estimates of value for one share of Parent Common Stock and compare that to our estimates of the value of one share of Company Common Stock. The following graphs provide a visual summary of our value estimates and the Merger Consideration. Value Range of Parent: $2.64 - $3.33

| Value Range of the Company: $.73 - $1.58 |     | Merger Consideration $3.17 - $5.90 |

| Summary and Opinion |

Annex B-28

Implied Premium at Market Values The table below shows the premium to the Company Common Shareholders assuming a 1.2021 exchange ratio and Company and Parent closing stock prices as of October 25, 2024. As shown in the table, the implied premium at current market prices for Company and Parent stock is roughly 210%. Merger Consideration at Market Values

| Market Value of Parent Common Stock                                         |   $4.91 |
| Exchange Ratio                                                              | 1.2021x |
| Merger Consideration                                                        |   $5.90 |
| Implied Premiums at market price of the Company as of Oct. 25, 2024 - $1.90 |  210.7% |

Implied Premiums at Estimated Values To further investigate the premiums to Company Common Stockholders that may result from the proposed Merger, we used the median of the selected low and high estimates of fully -dilutedCompany and Parent Common Stock 3from our analyses above. Doing so resulted in a low and high value estimate of one fully -dilutedshare of Company Common Stock of $0.73 and $1.58, respectively. Similarly, we obtained a low and high value estimate of one fully -dilutedshare of Parent Common Stock of $2.64 and $3.33, respectively. These ranges are represented by dashed vertical lines in charts above. After obtaining these low and high value estimates, we then calculated the implied premiums for the six combinations below: Low Estimated Company Share Price — Current Market Value of Parent Common Stock High Estimated Company