Staffing 360 Solutions Enters into Merger Agreement with Atlantic International Corp

by · The Markets Daily

On November 1, 2024, Staffing 360 Solutions, Inc. (NASDAQ: STAF), a Delaware corporation, entered into an Agreement and Plan of Merger with Atlantic International Corp., a Delaware corporation, and A36 Merger Sub Inc., a wholly-owned subsidiary of Atlantic. According to the Merger Agreement, Merger Sub will merge with and into Staffing 360 Solutions, with the latter surviving as a wholly owned subsidiary of Atlantic.

Upon completion of the merger, each share of Staffing 360 Solutions’ issued and outstanding common stock will be converted into shares of Atlantic’s common stock. Extra provisions regarding the deal include negotiations for amended employment agreements with key executives and the holding of a special meeting of stockholders to approve certain matters.

The Merger Agreement outlines various conditions to be met at closing, such as entering into settlement agreements with relevant entities and the issuance of shares of Atlantic’s common stock. Financial terms include a payment of $5,500,000 to Staffing 360 Solutions at the closing date, to be used for debt repayment.

In a recent press release dated November 4, 2024, Staffing 360 Solutions highlighted the anticipated benefits of the merger with Atlantic, including enhanced scale, liquidity, and cost efficiencies. The combined company is set to operate under Atlantic’s leadership, with Jeffrey Jagid continuing as Chief Executive Officer and Brendan Flood taking on the role of President.

The merger signifies a strategic move to establish a leading human capital management, outsourced services, and workforce solutions company, with combined annual revenue expected to reach approximately $620 million. The transaction is subject to customary closing conditions, including regulatory approval and shareholder assent.

The completion of the merger within the next 90 days is expected to further solidify the position of Staffing 360 Solutions and Atlantic in the industry, allowing for increased market competitiveness and a broader geographical reach.

Investors are urged to visit the SEC’s website for further details on the merger. For full disclosure and ongoing updates regarding the merger, shareholders are encouraged to access the relevant materials filed by the company with the SEC.

Please note that all forward-looking statements in this report are subject to risks, uncertainties, and other factors, and should not be considered guarantees of future performance.

Please refer to Exhibit 99.1 for more detailed information on the merger agreement between Staffing 360 Solutions and Atlantic International Corp.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Staffing 360 Solutions’s 8K filing here.

Staffing 360 Solutions Company Profile

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Staffing 360 Solutions, Inc, a staffing company, engages in the acquisition of staffing companies in the United States and the United Kingdom. It provides temporary contractors, and permanent placement services. The company focuses primarily on the staffing companies supporting accounting and finance, information technology, engineering, administration, and commercial disciplines.

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