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Circle8 outlines possible cash bid for SThree

CIRCLE8 GROUP INC (CIRC) disclosed that on September 10, 2026 it issued a press release confirming a preliminary, non-binding and highly indicative proposal to SThree plc concerning a possible cash offer for SThree.

(Very High)
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

CIRCLE8 GROUP INC (CIRC) disclosed that on September 10, 2026 it issued a press release confirming a preliminary, non-binding and highly indicative proposal to SThree plc concerning a possible cash offer for SThree. The company states that there can be no certainty that any firm offer will be made or what its terms would be.

Circle8 describes the potential combination as a strategic move to expand its global IT and technology platform and increase international scale. The proposed transaction is currently structured to be financed without issuing additional Circle8 common stock, so existing shareholders would not be diluted. SThree generated approximately £1.3 billion in gross revenue during fiscal 2025, while Circle8 generated more than $1.2 billion in gross revenue during 2025, and Circle8 states that the gross revenues of the combined entities could approach $3 billion. Circle8 also notes that its underlying business continues to strengthen and that it serves more than 500 enterprise and government clients with support from more than 16,000 professionals.

Positive

  • Circle8 highlights that the proposed SThree transaction is structured to be financed without issuing additional Circle8 common stock, so existing shareholders would not be diluted if completed.
  • SThree generated approximately £1.3 billion in gross revenue in fiscal 2025 and Circle8 states that the combined entities’ gross revenues could approach $3 billion, indicating a potentially transformative increase in scale.
  • Circle8 reports that its underlying business "continues to strengthen," having generated more than $1.2 billion in gross revenue during 2025 and serving more than 500 clients with support from over 16,000 professionals.

Negative

  • Circle8 describes its proposal for SThree as preliminary, non-binding and highly indicative, explicitly stating there can be no certainty that any firm offer will be made or that any transaction will be completed.
  • The company notes significant execution risks, including that there can be no assurance financing will be completed on acceptable terms, required approvals will be obtained, or that anticipated strategic and financial benefits will be realized.

Filing Explained

At June 30, Circle8 held $19,325,095, equal to 457.3 days of historical quarterly operating outflow; transaction funding is not committed.

The possible SThree cash transaction remains before a firm offer: the release expressly says it is not a firm intention under Rule 2.7, so the filing discloses no completed acquisition or committed purchase price.

The filing gives no offer price or financing terms and says financing completion remains uncertain; it therefore does not connect Circle8’s existing cash to committed funding for the proposal.

At June 30, 2026, Circle8 reported $19,325,095 in cash, which equals 457.3 days of its last reported quarterly operating cash outflow at that historical rate.

Sources and calculations
  • Available liquidity against the last reported quarterly operating outflow, in days at that rate $19,325,095 / ($3,845,899 / 91) = 457.3 days
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 8.01 Other Events Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
SThree gross revenue 2025 £1.3 billion Approximate gross revenue generated by SThree during fiscal 2025
Circle8 gross revenue 2025 $1.2+ billion Circle8 gross revenue generated during 2025
Combined gross revenues potential $3 billion Circle8 states gross revenues of the combined entities could approach this level
Clients served 500+ clients Enterprise and government clients served by Circle8
Professionals across the Group 16,000+ Number of professionals supporting Circle8’s operations
preliminary, non-binding and highly indicative proposal regulatory
"announcing its preliminary, non-binding and highly indicative proposal to SThree"
cash offer financial
"concerning a possible cash offer for SThree"
A cash offer is a proposal to buy a company’s shares or assets using cash rather than stock or other securities. For investors it matters because cash provides immediate, guaranteed value like getting paid in cash at a fixed price instead of receiving a piece of another company; that reduces uncertainty about future share swings, tax timing, and the risk of deal-related payment changes.
Takeover Code regulatory
"as reported in SThree’s Takeover Code announcement"
A takeover code is a formal set of rules that governs how one party can make an offer to buy control of a publicly traded company, like a rulebook for a marketplace ensuring fair play during bids. It requires clear disclosure, sets timelines and procedures, and protects shareholders by making sure all owners are treated equally and have the information needed to decide whether to accept an offer—information investors use to judge price, timing and fairness.
gross revenue financial
"SThree generated approximately £1.3 billion in gross revenue"
Total money a company brings in from selling goods or services before subtracting any costs, returns, discounts or allowances. Think of it as the full amount shown on a cash register tape before making change or paying bills. Investors watch gross revenue to see how much demand a business is generating and whether sales are growing, but they also look at profit and expense measures to judge true financial health.
forward-looking statements regulatory
"This press release contains forward-looking statements"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
mission-critical technology environments technical
"supporting organizations in designing, building, securing and operating mission-critical technology environments"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What transaction did CIRCLE8 GROUP INC (CIRC) announce regarding SThree plc?

Circle8 announced a preliminary, non-binding and highly indicative proposal concerning a possible cash offer for SThree plc. The company emphasized that the process is at an early stage and there is no certainty that any firm offer will be made or completed.

How does CIRC plan to finance the proposed SThree transaction?

Circle8 states that the proposed transaction is currently structured to be financed without issuing additional Circle8 common stock. As described, this means existing Circle8 shareholders would not be diluted by the transaction if it proceeds on the contemplated structure.

What are the reported revenues of Circle8 Group (CIRC) and SThree plc?

Circle8 reports it generated more than $1.2 billion in gross revenue during 2025. The company also states that SThree generated approximately £1.3 billion in gross revenue during fiscal 2025, and that combined gross revenues could approach $3 billion.

What strategic rationale does CIRC give for the possible SThree combination?

Circle8 believes combining with SThree could create a significantly larger global IT, technology and STEM platform, expanding geographic reach, client base and capabilities across areas such as AI, cybersecurity, cloud, software engineering, technology consulting, solutions and managed services.

How strong is CIRCLE8 GROUP INC’s (CIRC) existing business footprint?

Circle8 describes its underlying business as continuing to strengthen, reporting more than $1.2 billion in gross revenue during 2025, serving more than 500 enterprise and government clients, and being supported by over 16,000 professionals across North America and Europe.

What risks and uncertainties does CIRC highlight about the SThree proposal?

Circle8 cautions there is no assurance it will make a firm offer for SThree, that financing will be completed on acceptable terms, that required approvals will be obtained, that a transaction will be agreed or completed, or that any anticipated benefits will be realized.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Learn about SEC filing dates
0001605888false00016058882026-09-102026-09-10

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) September 10, 2026
CIRCLE8 GROUP, INC.
(Exact name of registrant as specified in charter)
Delaware001-4076046-5319744
(State or other Jurisdiction of
 Incorporation or Organization)
(Commission File Number)(IRS Employer
 Identification No.)
270 Sylvan Avenue, Suite 2230
Englewood Cliffs, NJ
07632
(Address of Principal Executive Offices)(zip code)
(201) 899-4470
(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)
Securities registered or to be registered as pursuant to Section 12(b) of the Act:
TITLE OF EACH CLASSTRADING SYMBOLNAME OF EACH EXCHANGE ON WHICH REGISTERED
Common stock, $0.00001 par value per share
CIRCThe Nasdaq Global Market
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of registrant under any of the following provisions:
oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
oSoliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b))
oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth companyx



If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o



Item 7.01 Regulation FD Disclosure.

On September 10, 2026, Circle8 Group, Inc. (the “Company”) issued a press release entitled “Circle8 Confirms Proposal For SThree Plc, Advancing Global It And Technology Strategy.”

A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.

The information in this Item 7.01 (including Exhibit 99.1) is being furnished pursuant to Item 7.01 and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as expressly set forth in such filing.

Item 8.01 Other Events.

The information set forth in Item 7.01 above is incorporated herein by reference.

On September 10, 2026, the Company issued a press release announcing its preliminary, non-binding and highly indicative proposal to SThree plc (“SThree”) (STEM.L) concerning a possible cash offer for SThree. SThree is an international specialist STEM business as reported in SThree’s Takover Code announcement required by British Law. There can be no certainty that any firm offer will be made or as to the terms of any such offer.

Item    9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No.Description
99.1
Press release issued by Circle8 Group, Inc. on September 10, 2026.
104Cover Page Interactive Data File (embedded within the Inline XBRL document)

1


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: September 10, 2026
ATLANTIC INTERNATIONAL CORP.
By: /s/ Jeffrey Jagid
Jeffrey Jagid
President
2
Exhibit 99.1
CIRCLE8 CONFIRMS PROPOSAL FOR STHREE PLC, ADVANCING GLOBAL IT AND TECHNOLOGY STRATEGY
Proposed combination would significantly accelerate Circle8’s global strategy without dilution to existing Circle8 shareholders

ENGLEWOOD CLIFFS, N.J., Sept. 10, 2026 (GLOBE NEWSWIRE) — Circle8 Group, Inc. (Nasdaq: CIRC) (“Circle8” or the “Company”) today confirmed that it has submitted a proposal for SThree plc (“SThree”) (STEM.L), an international specialist STEM business as reported in SThree’s Takeover Code announcement required by the London Stock Exchange.
Although the process remains at an early stage, Circle8 believes a combination of the two companies represents a compelling strategic opportunity to significantly increase the Group’s international scale and accelerate its ambition to build a leading global IT and technology platform.
Most importantly for our shareholders, the proposed transaction is currently structured to be financed without issuing additional Circle8 common stock. As a result, existing Circle8 shareholders would not be diluted by the transaction.
Circle8’s objective is clear: to create significantly greater global scale and long-term shareholder value without dilution to its existing shareholders.
Compelling Strategic Rationale
Circle8 has built significant scale across Europe, with a growing presence in North America, and has established a strong position across IT and technology.
Our ambition now is global.
SThree brings recognized specialist brands, an established international presence and significant positions across technology, engineering and science. SThree generated approximately £1.3 billion in gross revenue during fiscal 2025. The gross revenues of the combined entities could approach $3 billion.
Circle8 believes that bringing the two businesses together would create a significantly larger global IT, technology and STEM platform, combining international scale, specialist expertise and strong positions across major technology markets.
The combination could significantly expand Circle8’s geographic reach and international client base, strengthen its technology capabilities and create additional opportunities across AI, cybersecurity, cloud, software engineering, technology consulting, solutions and managed services.


Exhibit 99.1
Circle8 believes the combination would represent a transformational step in taking the technology platform it has built in Europe to truly global scale. Circle8 intends to remain financially disciplined in its approach. Any transaction must create meaningful long-term value for shareholders and support the Company’s strategy of building a larger, stronger and more valuable global technology group.
Circle8’s priority is clear: create significantly greater global scale and long-term shareholder value without diluting existing Circle8 shareholders.
Continued Commercial Momentum
Circle8’s underlying business continues to strengthen.
Circle8 believes its current Nasdaq valuation significantly undervalues the scale of the business, its position in the European IT and technology market, its continued commercial momentum and its long-term growth potential.
The Company believes that its continued commercial performance, combined with its global growth strategy, provides a strong foundation for the next phase of Circle8’s development.
Guus Franke, Chairman and Chief Executive Officer of Circle8 Group, commented:
“Our mission is clear: to build one of the world’s leading global IT and technology platforms.
Circle8 has already established significant scale in Europe. Our ambition now is global, and we believe bringing Circle8 and SThree together could represent a transformational step toward achieving that ambition.
For our shareholders, one point is particularly important: this transaction is structured so that existing Circle8 shareholders would not be diluted. We intend to create significantly greater scale and long-term value without issuing additional Circle8 common stock to finance the transaction.
We also strongly believe that Circle8 is significantly undervalued on Nasdaq today. Our underlying business continues to strengthen as evidenced by our recent announcements about important new clients and contracts.
This is not about becoming bigger for the sake of size. It is about taking the technology platform we have built in Europe and creating a substantially larger and stronger global IT and technology company while protecting the ownership interests of the shareholders who are with us today.”
About Circle8 Group
Circle8 Group, Inc. (Nasdaq: CIRC) is an international technology and business transformation platform operating across North America and Europe.
Through its portfolio of specialized operating companies, Circle8 combines technology consulting, technology solutions, managed services and specialist technology services into an integrated international platform. The Company serves more than 500 enterprise


Exhibit 99.1
and government clients and supports organizations in designing, building, securing and operating mission-critical technology environments.
Circle8 generated more than $1.2 billion in gross revenue during 2025 and is supported by more than 16,000 professionals across the Group. Circle8 is building a scalable international platform focused on higher-value technology services, disciplined acquisitions and long-term shareholder value.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Circle8’s proposal for SThree, the contemplated financing structure, potential dilution, the possible combination of Circle8 and SThree, anticipated strategic and financial benefits, future growth, international expansion, customer contracts, market opportunities, valuation and business performance.
Forward-looking statements are based on Circle8’s current expectations, estimates, assumptions and projections and are subject to significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied.
There can be no assurance that Circle8 will make a firm offer for SThree, that financing will be completed on acceptable terms, that required approvals will be obtained, that any transaction will be agreed or completed, or that any anticipated benefits will be realized.
Additional risks and uncertainties are described in Circle8’s filings with the U.S. Securities and Exchange Commission. Circle8 undertakes no obligation to update or revise any forward-looking statements except as required by applicable law.
This announcement does not constitute a firm intention to make an offer under Rule 2.7 of the UK City Code on Takeovers and Mergers. There can be no certainty that a firm offer will be made or that any transaction will be completed.
Investor Contact

Kevin Murphy
Chief Financial Officer
kmurphy@atlantic-international.com


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