Company: ATLN
Filing Date: 2025-01-23
Form Type: S-4/A
Source: 0001213900-25-006032
Chunk: 482

Company: ATLANTIC INTERNATIONAL CORP.
Filing Date: 2025-01-23
Form: S-4/A
Chunk 482
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 Common Stock or any business combination or other extraordinary transaction involving the Company. This letter, and our opinion, does not constitute a recommendation to the Board of Directors or to any other persons in respect of the Merger, including as to how any holder of shares of Company Common Stock should vote or act in respect of the Merger. We express no opinion herein as to the price at which shares of Parent or Company will trade at any time. We are not legal, regulatory, accounting or tax experts and have assumed the accuracy and completeness of assessments by the Company and its advisors with respect to legal, regulatory, accounting and tax matters. No consideration has been given to the tax or legal implications, at the individual shareholder level, in the assessment of the financial adequacy of the Merger on the Company’s current shareholders.

We issue this Fairness Opinion as an independent advisor to the Company’s Board of Directors and will receive a fee for our services. The Company has also agreed to reimburse certain of our expenses and to indemnify us against certain liabilities arising out of our engagement. Our compensation is not based upon the conclusions and opinions contained in this Fairness Opinion nor are we entitled to receive a success fee if the proposed transaction is successfully completed. The opinions expressed herein are rendered only to the Board of Directors of the Company in connection with the Transaction described herein and their successors and assigns. This Fairness Opinion may not be furnished, quoted to, or relied upon, by any other Person for any other purpose. Based upon and subject to the foregoing, it is our opinion that, as of the date hereof, the Merger Consideration is fair, from a financial point of view, to the holders of the shares of Company Common Stock entitled to receive such Merger Consideration. Very truly yours, Cornerstone Valuation, LLC H. Gregory Waller, Ph.D., CVA
Managing Partner

TABLE OF CONTENTS

|                                                                                 |     | Annex B  
 Page No. |
| INTRODUCTION                                                                    |     | B-1      |
| Transaction Overview                                                            |     | B-1      |
| Scope                                                                           |     | B-1      |
| SOURCES OF INFORMATION                                                          |     | B-3      |
| CURRENT MARKET PRICES OF COMPANY AND PARENT AND POST TRANSACTION CAPITALIZATION |     | B-4      |
| Capitalization Table of the Company and the Exchange Ratio                      |     | B-4      |
| Current Market Price, Trading Volume and Stock Price History                    |     | B-5      |
| EST