10:18 AM EST, 11/04/2024 (MT Newswires) -- Staffing 360 Solutions ( STAF ) shares were rallying Monday after the company and Atlantic International said Monday that their boards unanimously approved a definitive merger agreement.

Under the agreement, Atlantic will acquire all of Staffing 360's outstanding common shares and Staffing shareholders will receive 1.202 Atlantic shares for each STAF share.

The transaction is valued at about $25 million and on completion, Atlantic and Staffing 360's shareholders will own 90% and 10% in the combined company, respectively.

The companies expect to close the transaction within 90 days, conditional on approval from Staffing 360's shareholders and customary completion requirements.

Price: 2.56, Change: +0.84, Percent Change: +48.55