Atlantic International terminates merger with Staffing 360 Solutions due to material breach of IRS settlement condition

ATLANTIC INTERNATIONAL CORP.

On Feb 26, 2025, Atlantic sent termination notice to STAF under the Merger Agreement dated Nov 1, 2024 as amended.
STAF breached Section 3.2(e) by entering IRS settlement terms not mutually agreeable to Atlantic, which could not be cured.
STAF also failed to operate in ordinary course and maintain business relations, violating Section 4.2 of the agreement.
Termination is effective immediately; no material termination penalties incurred by Atlantic.

item 1.02 item 9.01

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