8-K: Staffing 360 Solutions Stockholders Approve Merger Agreement at Special Meeting

Staffing 360 Solutions stockholders voted to adopt the merger agreement with Atlantic International Corp. at a special meeting held on February 13, 2025.

Summary

• Staffing 360 Solutions, Inc. held a special meeting of stockholders on February 13, 2025.
• The meeting was previously adjourned on February 3, 2025, February 10, 2025, and February 12, 2025.
• Stockholders voted on two proposals: adopting the merger agreement with Atlantic International Corp. and adjourning the meeting to solicit additional proxies if needed.
• The merger agreement adoption proposal was approved with 846,432 votes for, 11,068 against, and 3,267 abstentions.
• The proposal to adjourn the meeting was also approved with 842,076 votes for, 14,142 against, and 4,549 abstentions.
• As of January 8, 2025, the record date, there were 1,643,738 shares of common stock and 9,000,000 shares of Series H Convertible Preferred Stock (representing 35,002 common stock votes) eligible to vote.

Sentiment

Score: 7

Explanation: The document reports the successful completion of a key step in the merger process, which is generally viewed positively. However, the multiple adjournments of the special meeting suggest potential challenges in securing sufficient votes.

Positives

• The merger agreement with Atlantic International Corp. was approved by stockholders.
• The approval of the adjournment proposal provides flexibility to solicit additional proxies if needed.

Future Outlook

The company will proceed with the merger with Atlantic International Corp. following stockholder approval.

Management Comments

• Brendan Flood, Chairman, President and Chief Executive Officer, signed the report on behalf of Staffing 360 Solutions, Inc.

Industry Context

Mergers and acquisitions are common in the staffing industry as companies seek to expand their market presence and service offerings.

Stakeholder Impact

• Shareholders will be impacted by the merger with Atlantic International Corp.
• The merger may affect employees of both Staffing 360 Solutions and Atlantic International Corp.

Next Steps

• The company will proceed with the transactions contemplated under the Merger Agreement.

Key Dates

Keywords

merger agreement, stockholders, special meeting, Staffing 360 Solutions, Atlantic International Corp., proxy, vote