Company: ATLN
Filing Date: 2025-01-24
Form Type: 424B3
Source: 0001213900-25-006537
Chunk: 164

Company: ATLANTIC INTERNATIONAL CORP.
Filing Date: 2025-01-24
Form: 424B3
Chunk 164
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 Directors reviewed the comparative results of the analysis and provided feedback and queries to Transact Capital. On April 17, 2024, the Staffing 360 Board of Directors held a meeting and decided that a proposed transaction with Atlantic Acquisition Corp (subsequently Atlantic International Corp.) was superior to alternatives and the Staffing 360 Board of Directors instructed management to proceed with negotiating and consummating a transaction with Atlantic International. Between May 2024 and June 2024, the parties held various meetings to discuss the overall terms of the proposed transaction. On June 25, 2024, Patrick Morin sent Atlantic International an updated redline draft of the Letter of Intent along with draft deal calendar timeline. On July 1, 2024, the parties signed a Letter of Intent in connection with the proposed transaction. Between July 2024 and November 2024, the parties negotiated the terms of the conversion of Staffing 360 debt to equity of Atlantic International for Jackson Investment Group, the holders of Series H Preferred Stock, and the persons entitled to earnout payments associated with the acquisition of Headway Workforce Solutions, Inc. Between July 2024 and October 2024, Staffing 360 and Haynes and Boone, LLP, counsel to Staffing 360 (“Haynes and Boone”), on the one hand, and Atlantic International and Davidoff Hutcher & Citron, LLP, counsel to Atlantic International (“DHC”), on the other hand, engaged in discussions and negotiations of the Merger Agreement. Throughout this period, Staffing 360 and Atlantic International continued to conduct discussions on key legal issues. On August 5 -6, 2024, Jeffrey Jagid of Atlantic International and Brendan Flood of Staffing 360 flew to Atlanta, Georgia and met with Rick Jackson, Chief Executive Officer of Jackson, to present the proposed transaction and discussed converting debt to equity. On October 29, 2024, Staffing 360 Board of Directors received the fairness opinion of Cornerstone Valuation on the proposed transaction between Staffing 360 and Atlantic International. On November 1, 2024, the parties executed the Merger Agreement. Recommendation of the Atlantic International Board of Directors; Atlantic International’s Reasons for the Merger Atlantic International’s Board of Directors considered many factors in making its decision to approve and adopt the Merger Agreement, the Merger and the other transactions contemplated by the Merger agreement. In arriving at its decision., Atlantic International’s Board of Directors consulted with Atlantic International’s management and consultants and legal and