Company: ATLN
Filing Date: 2025-01-23
Form Type: S-4/A
Source: 0001213900-25-006032
Chunk: 501

Company: ATLANTIC INTERNATIONAL CORP.
Filing Date: 2025-01-23
Form: S-4/A
Chunk 501
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)%   | (1.3)% |   $0.25 | 42.9% | 0.09x             | 0.15x | 6.30x  | 2.77x  |

Source: Capital IQ *Where the guideline company’s EBITDA or EBIT were negative, valuation multiples were rendered not meaningful (N/M) Source: Capital IQ

| Value of Atlantic International Corp. Common Stock |

Annex B-24

Indicated Value Calculation To obtain fully -dilutedshare price estimates of Parent Common Stock, we applied the relevant multiples to the Parent’s last twelve months’(LTM) revenue, next twelve months’(NTM) revenue, and NTM EBITDA. Since Parent’s LTM EBITDA was negative, applying multiples to this financial statistic resulted in negative estimated equity value. Based on our analysis, plausible fully -dilutedshare price estimates range from a low of $1.12 to a high of $5.06. Negative implied equity values are marked as not meaningful (“NM”) Atlantic International Corp. - Publicly Traded Guideline Firms

| ($ in thousands, except per share value) |       Min |       25th 
 Percentile |   Median |       75th 
 Percentile |      Max |
| LTM Revenue Multiple Range               |     0.09x |      0.20x |    0.49x |      0.74x |    1.20x |
| LTM Revenue (Jun. 30, 24)                |   419,241 |    419,241 |  419,241 |    419,241 |  419,241 |
| Implied Enterprise Value:                |   $37,759 |    $82,165 | $203,717 |   $309,623 | $502,733 |
| Plus: Cash & Equivalents                 |       439 |        439 |      439 |        439 |      439 |
| Less: Debt                               |   -81,257 |    -81,257 |  -81,257 |    -81,257 |  -81,257 |
| Total Common Equity Value:               | $(43,059) |     $1,348 | $122,900 |   $228,806 | $421,916 |
| Shares Outstanding (Basic)               |    48,729 |