Company: ATLN
Filing Date: 2025-01-23
Form Type: S-4/A
Source: 0001213900-25-006032
Chunk: 377

Company: ATLANTIC INTERNATIONAL CORP.
Filing Date: 2025-01-23
Form: S-4/A
Chunk 377
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 Monroe and Pamela D. Whitaker, in the aggregate amount not to exceed $ 2,000,000at any time. Pursuant to Amendment No.31, in consideration for MidCap’s agreement to enter into Amendment No.31, we agreed to pay to MidCap a modification fee of $ 190,000(the “Amendment No. 31 Modification Fee”), which such Amendment No. 31 Modification Fee shall be non -refundableand fully earned as of effective date of the Amendment No. 31. The Modification Fee shall constitute a portion of our obligations pursuant to the Credit and Security Agreement and shall be secured by all Collateral (as defined in the Credit and Security Agreement). F-76 STAFFING 360 SOLUTIONS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(All amounts in thousands, except share, per share and stated value per share)
(UNAUDITED) NOTE 15 — SUBSEQUENT EVENTS (cont.) Massachusetts Department of Revenue On October 29, 2024, the Company received notice from the Massachusetts Department of Revenue (“DOR”) that they have filed a lien against the Company for $ 474. This has been accrued as of September 28, 2024. The Company is currently in negotiations to pay its obligations to DOR. Internal Revenue Service On October 1, 2024, the Company received notice from the Internal Revenue Service (“IRS”) that they have filed a lien against the Company for $ 534. This has been accrued as of September 28, 2024. The Company is currently in negotiations to pay its obligations to IRS. Agreement and Plan of Merger On November 1, 2024, the Company, Atlantic International Corp., a Delaware corporation (“ Atlantic”) and A36 Merger Sub Inc., a Delaware corporation and a wholly -ownedsubsidiary of Atlantic (“ Merger Sub”), entered into an Agreement and Plan of Merger (as amended by the First Amendment thereto, dated as of January7, 2025, and as it may be further amended from time to time, the “ Merger Agreement”), pursuant to which Merger Sub will merge with and into Company, with Company surviving as a wholly owned subsidiary of the Atlantic (the “ Merger”). Subject to the terms and conditions of the Merger Agreement, upon completion of the Merger, each share of the Company’s issued and outstanding common stock immediately prior to the effective time of