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Atlantic International Corp. (OTC: ATLN) and Staffing 360 Solutions (NASDAQ: STAF) have announced a definitive merger agreement. Atlantic will acquire all outstanding shares of Staffing 360, with shareholders receiving 1.202 Atlantic shares for each Staffing 360 share. The transaction, valued at approximately $25 million, will result in Atlantic and Staffing 360 shareholders owning 90% and 10% of the combined company respectively.
The merged entity expects annual revenue of approximately $620 million and anticipates run-rate cost synergies of $10 million. Staffing 360 will operate as a wholly owned subsidiary under its current leadership team. The transaction is expected to close within 90 days, subject to shareholder and regulatory approval.
Staffing 360 Solutions (Nasdaq: STAF) announced a 1-for-10 reverse stock split effective June 25, 2024, at 4:05 p.m. EDT. Post-split trading will commence on June 26, 2024. The reverse split was authorized at the company's annual meeting on December 27, 2023. This action will reduce the outstanding shares from 6,397,388 to approximately 639,739, without altering the par value or shareholder equity percentages, except for rounding up fractional shares. The new CUSIP number will be 852387604. Stockholders do not need to exchange their certificates, and proportional adjustments will apply to equity awards and convertible securities.
Staffing 360 Solutions (Nasdaq: STAF) announced that it has received a letter from Nasdaq's Listing Qualifications Department, notifying the company of non-compliance with Nasdaq Listing Rule 5250(c)(1) due to its failure to timely file its 2024 Q1 Form 10-Q with the SEC for the period ending March 30, 2024.
The Nasdaq Hearings Panel will consider this delay in their decision on the company's continued listing. Staffing 360 has until June 17, 2024, to address the filing deficiency in writing to Nasdaq. If granted, Nasdaq's exception to regain compliance will extend up to October 14, 2024, a maximum of 180 days from the initial due date of the Annual Report on Form 10-K.
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