Company: ATLN
Filing Date: 2025-01-24
Form Type: 424B3
Source: 0001213900-25-006537
Chunk: 44

Company: ATLANTIC INTERNATIONAL CORP.
Filing Date: 2025-01-24
Form: 424B3
Chunk 44
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 completed. These conditions include, among others: •the Parties shall have performed and complied in all material respects with all terms, covenants and conditions of the Merger Agreement to be complied with and performed by the parties at or before closing of the Merger; •there shall be no pending or threatened material third party actions seeking to obtain damages in connection with, or to restrain, prohibit, invalidate, set aside, in whole or in part, the consummation of the Merger Agreement or the transactions contemplated by the Merger Agreement, or which if successful could have a material adverse effect on any party, or any order providing for any of the foregoing; •Atlantic International shall have obtained approval of the Merger Agreement, the Merger and the transactions contemplated by the Merger Agreement by vote of the Atlantic International Board of Directors in accordance with the Delaware aw, and Atlantic International’s governing documents; •Staffing 360 shall have obtained approval of the Merger Agreement, the Merger and the transactions contemplated by the Merger Agreement by required vote of the Staffing 360 stockholders in accordance with the Delaware law, and Staffing 360’s governing documents; and •Staffing 360 shall have delivered to Atlantic International: •a signed agreement between the Internal Revenue Service and Staffing 360 concerning the terms of settlement mutually agreeable to Atlantic International; •a signed settlement agreement with the appropriate Jackson Investment (“Jackson”) party converting Staffing 360’s indebtedness with the appropriate Jackson party whereby: (i) all interest accrued and payable to appropriate Jackson party will be waived or forgiven and (ii) the principal amount of the Loan will be converted into 5,600,000shares of Series I Preferred Stock. In the event the average closing price of Atlantic Common Stock over the five (5) trading days immediately preceding the date of the Closing is below $5.00, members of the management of Staffing 360 and Atlantic and Atlantic itself shall issue to Jackson such number of additional shares of Atlantic Common Stock equal to (i) 5,600,000shares multiplied by the quotient of $5.00 per share and the Average Closing Price (as defined herein) minus (ii) 5,600,000. Additionally, pursuant to the First Amendment and further agreement between the applicable parties, Jackson shall enter into a lock -upagreement such that the Merger Consideration for all of the Series I Preferred Stock are subject to a lock up period for the one year after the closing of the Merger, provided,