Company: ATLN
Filing Date: 2025-01-24
Form Type: 424B3
Source: 0001213900-25-006537
Chunk: 163

Company: ATLANTIC INTERNATIONAL CORP.
Filing Date: 2025-01-24
Form: 424B3
Chunk 163
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 On November 7, 2023, Staffing 360 Board of Directors engaged Cornerstone Valuation as its financial advisor to evaluate certain proposed transactions involving Staffing 360 and to render a fairness opinion in case any of the proposed transactions are pursued by Staffing 360. On November 9, 2023, Allan Harley, a shareholder of Atlantic International and Managing Partner at NextWave LLC introduced Brendan Flood, Chairman and Chief Executive Office of Staffing 360 to Jeffrey Jagid, Chief Executive Officer of Atlantic International and Andrew Bressman, Senior Strategic Advisor. On November 13, 2023, the group held a conference call to discuss potential transaction opportunity. On November 16, 2023, Andrew Bressman introduced Brendan Flood to Chris Broderick, Chief Financial Officer of Atlantic International and Michael Tenore, General Counsel, to start a preliminary due diligence process. Between November 2023 and January 2024, Staffing 360 and Atlantic International conducted preliminary due diligence process. On January 24, 2024, Atlantic International issued a draft Letter of Intent to Staffing 360. On February 15, 2024, Staffing 360 filed with the SEC a Current Report on Form 8 -Kdisclosing that Staffing 360 had disposed of its operations in the United Kingdom and would, moving forward, concentrate on the United States market. Staffing 360 also disclosed that it was evaluating various options through which it would successfully execute on this strategy. On February 15, 2024, Staffing 360 engaged Transact Capital Partners (“Transact Capital”), as an advisor, to provide Staffing 360 with guidance in creating and evaluating strategic options. Following the engagement, Transact Capital compiled a Confidential Information Presentation (“CIP”) and a potential list of buyers. On February 23, 2024, Atlantic International sent an updated draft Letter of Intent to Staffing 360 and J.P. Sakey and Patrick Morin of Transact Capital. 90 On March 6, 2024, Staffing 360 initiated marketing process for a potential transaction, which yielded the following results: •Total number of buyers contacted: 76 •Total number of CIPs distributed: 25 •Total number of Letters of Intent received: 8 Through the rest of March 2024, Transact Capital completed detailed analysis of the 8 Letters of Intent received during the marketing process. On April 15, 2024, the Staffing 360 Board of