Company: ATLN
Filing Date: 2025-01-23
Form Type: S-4/A
Source: 0001213900-25-006032
Chunk: 183

Company: ATLANTIC INTERNATIONAL CORP.
Filing Date: 2025-01-23
Form: S-4/A
Chunk 183
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iii) share of Series I Preferred Stock that is issued and outstanding immediately prior to the Effective Time (other than Excluded Shares) will be cancelled and will cease to exist and will be converted automatically into the right to receive a number of validly issued, fully paid and non -assessableshares of Atlantic International common stock, par value of $0.00001 per share, equal to their respective Exchange Ratio. Fractional shares will be rounded to the nearest whole share. Each share held in the treasury of Staffing 360 or owned by any direct or indirect wholly -ownedsubsidiary of Staffing 360 and each share owned by the Merger Sub, Atlantic International or any direct or indirect wholly -ownedsubsidiary of Atlantic International immediately prior to the Effective Time shall automatically be cancelled without any conversion thereof and no payment or distribution shall be made with respect thereto. 101 Each share of common stock, par value $0.00001 per share, of Merger Sub issued and outstanding immediately prior to the Effective Time shall be converted into and become one validly issued, fully paid and nonassessable share of common stock, par value $0.00001 per share, of Staffing 360. Treatment of Staffing 360 Series H Preferred Stock The Merger Consideration for the shares of Series H Preferred Stock are subject to a lock -upsuch that: (A) (i) all of the shares are subject to a lock up for the 6 months after closing of the Merger; (ii) 1,750,000shares of Atlantic common stock are subject to a lock -upfor the period starting on 6 months after closing of the Merger until 9 months after closing of the Merger; (iii) 875,000shares of Atlantic common stock are subject to a lock -upfor the period starting on 9 months after closing of the Merger until 12 months after closing of the Merger; and (iv) the lock -upshall terminate 12 months after closing of the Merger and (B) the lock -upshall not apply to the extent shares of Atlantic common stock must be sold to pay any taxes from such applicable holder. Treatment of Staffing 360 Series I Preferred Stock At the effective time of the Merger, all outstanding shares of Series I Preferred Stock of Staffing 360 will convert into 5,600,000shares of Atlantic International common stock (subject to adjustment, as described below) at the applicable Exchange Ratio. Purs