| | | Page | | |||
| | | | 1 | | | |
| | | | 10 | | | |
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | 47 | | | |
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | 55 | | | |
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | ||||
| |
| | | Page | | |||
| | | | 67 | | | |
| | | | 67 | | | |
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | 86 | | | |
| | | | 86 | | | |
| | | | 86 | | | |
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | |
($ in thousands) | | | 2022 | | | 2023 | | | 2024 | | | 2025 | | ||||||||||||
| | | | $ | 1,798 | | | | | $ | 3,715 | | | | | $ | 3,747 | | | | | $ | 7,102 | | |
COMPANY INFORMATION Company Name | | | REVENUE GROWTH | | EBITDA GROWTH | | EBITDA MARGIN | | | | REVENUE GROWTH | | EBITDA GROWTH | | EBITDA MARGIN | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 3-YR CAGR | | LTM | | 2022 | | 2023 | | 3-YR CAGR | | LTM | | 2022 | | 2023 | | 3-YR AVG | | LTM | | 2022 | | 2023 | | | 3-YR CAGR | | LTM | | 2022 | | 2023 | | 3-YR CAGR | | LTM | | 2022 | | 2023 | | 3-YR AVG | | LTM | | 2022 | | 2023 | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carter’s, Inc. | | | | 0.2% | | | | | 15.3% | | | | | 2.6% | | | | | 3.1% | | | | | 6.2% | | | | | 59.3% | | | | | 2.5% | | | | | 3.4% | | | | | 14.5% | | | | | 17.0% | | | | | 17.0% | | | | | 17.1% | | | | | | 0.2% | | | | | 15.3% | | | | | 2.6% | | | | | 3.1% | | | | | 6.2% | | | | | 59.3% | | | | | 2.5% | | | | | 3.4% | | | | | 14.5% | | | | | 17.0% | | | | | 17.0% | | | | | 17.1% | | | ||||||||||||||||||||||||
Crown Crafts, Inc. | | | | 4.1 | | | | | 7.5 | | | | | 9.4 | | | | | 2.3 | | | | | 9.3 | | | | | -1.6 | | | | | 0.5 | | | | | 9.2 | | | | | 12.9 | | | | | 13.2 | | | | | 13.5 | | | | | 14.4 | | | | | | 4.1 | | | | | 7.5 | | | | | 9.4 | | | | | 2.3 | | | | | 9.3 | | | | | -1.6 | | | | | 0.5 | | | | | 9.2 | | | | | 12.9 | | | | | 13.2 | | | | | 13.5 | | | | | 14.4 | | | ||||||||||||||||||||||||
Dorel Industries Inc. | | | | NA | | | | | 2.4 | | | | | 3.9 | | | | | 3.0 | | | | | NA | | | | | -18.0 | | | | | -5.8 | | | | | 19.0 | | | | | NA | | | | | 7.4 | | | | | 6.7 | | | | | 7.7 | | | | | | NA | | | | | 2.4 | | | | | 3.9 | | | | | 3.0 | | | | | NA | | | | | -18.0 | | | | | -5.8 | | | | | 19.0 | | | | | NA | | | | | 7.4 | | | | | 6.7 | | | | | 7.7 | | | ||||||||||||||||||||||||
Goodbaby International Holdings Limited | | | | 5.2 | | | | | 14.3 | | | | | 7.9 | | | | | 7.9 | | | | | 10.8 | | | | | 48.3 | | | | | 19.0 | | | | | 18.0 | | | | | 8.5 | | | | | 9.5 | | | | | 8.0 | | | | | 8.8 | | | | | | 5.2 | | | | | 14.3 | | | | | 7.9 | | | | | 7.9 | | | | | 10.8 | | | | | 48.3 | | | | | 19.0 | | | | | 18.0 | | | | | 8.5 | | | | | 9.5 | | | | | 8.0 | | | | | 8.8 | | | ||||||||||||||||||||||||
Hasbro, Inc. | | | | 11.9 | | | | | -3.9 | | | | | 2.7 | | | | | 5.2 | | | | | 18.0 | | | | | 29.0 | | | | | 0.2 | | | | | 9.4 | | | | | 19.4 | | | | | 20.4 | | | | | 19.9 | | | | | 20.7 | | | | | | 11.9 | | | | | -3.9 | | | | | 2.7 | | | | | 5.2 | | | | | 18.0 | | | | | 29.0 | | | | | 0.2 | | | | | 9.4 | | | | | 19.4 | | | | | 20.4 | | | | | 19.9 | | | | | 20.7 | | | ||||||||||||||||||||||||
JAKKS Pacific, Inc. | | | | 3.0 | | | | | 20.4 | | | | | 0.5 | | | | | 3.1 | | | | | NA | | | | | 82.3 | | | | | 2.1 | | | | | 7.0 | | | | | 5.1 | | | | | 7.6 | | | | | 7.7 | | | | | 8.0 | | | | | | 3.0 | | | | | 20.4 | | | | | 0.5 | | | | | 3.1 | | | | | NA | | | | | 82.3 | | | | | 2.1 | | | | | 7.0 | | | | | 5.1 | | | | | 7.6 | | | | | 7.7 | | | | | 8.0 | | | ||||||||||||||||||||||||
Mattel, Inc. | | | | 6.5 | | | | | 18.9 | | | | | 7.8 | | | | | 7.8 | | | | | 85.2 | | | | | 43.7 | | | | | 10.0 | | | | | 15.1 | | | | | 13.5 | | | | | 17.4 | | | | | 17.7 | | | | | 18.9 | | | | | | 6.5 | | | | | 18.9 | | | | | 7.8 | | | | | 7.8 | | | | | 85.2 | | | | | 43.7 | | | | | 10.0 | | | | | 15.1 | | | | | 13.5 | | | | | 17.4 | | | | | 17.7 | | | | | 18.9 | | | ||||||||||||||||||||||||
Newell Brands Inc. | | | | 1.4 | | | | | 12.8 | | | | | -4.6 | | | | | 1.7 | | | | | -11.0 | | | | | 14.1 | | | | | 1.5 | | | | | 8.7 | | | | | 13.4 | | | | | 13.6 | | | | | 14.1 | | | | | 15.1 | | | | | | 1.4 | | | | | 12.8 | | | | | -4.6 | | | | | 1.7 | | | | | -11.0 | | | | | 14.1 | | | | | 1.5 | | | | | 8.7 | | | | | 13.4 | | | | | 13.6 | | | | | 14.1 | | | | | 15.1 | | | ||||||||||||||||||||||||
Spin Master Corp. | | | | 7.8 | | | | | 30.0 | | | | | 6.0 | | | | | 5.2 | | | | | 11.0 | | | | | 136.8 | | | | | 0.8 | | | | | 6.4 | | | | | 14.4 | | | | | 19.5 | | | | | 18.6 | | | | | 18.8 | | | | | | 7.8 | | | | | 30.0 | | | | | 6.0 | | | | | 5.2 | | | | | 11.0 | | | | | 136.8 | | | | | 0.8 | | | | | 6.4 | | | | | 14.4 | | | | | 19.5 | | | | | 18.6 | | | | | 18.8 | | | ||||||||||||||||||||||||
The Children’s Place, Inc. | | | | -0.4 | | | | | 25.8 | | �� | | | | -0.4 | | | | | 0.9 | | | | | 15.5 | | | | | NM | | | | | NM | | | | | -1.0 | | | | | 8.8 | | | | | 15.9 | | | | | 13.8 | | | | | 13.6 | | | | | | -0.4 | | | | | 25.8 | | | | | -0.4 | | | | | 0.9 | | | | | 15.5 | | | | | NM | | | | | NM | | | | | -1.0 | | | | | 8.8 | | | | | 15.9 | | | | | 13.8 | | | | | 13.6 | | | |||||||||||||||||||||||
TOMY Company, Ltd. | | | | -7.3 | | | | | -22.8 | | | | | 10.3 | | | | | 5.0 | | | | | -13.8 | | | | | -40.1 | | | | | NA | | | | | NA | | | | | 11.6 | | | | | 7.9 | | | | | NA | | | | | NA | | | | | | -7.3 | | | | | -22.8 | | | | | 10.3 | | | | | 5.0 | | | | | -13.8 | | | | | -40.1 | | | | | NA | | | | | NA | | | | | 11.6 | | | | | 7.9 | | | | | NA | | | | | NA | | | ||||||||||||||||||||||||
Vtech Holdings Limited | | | | 3.7 | | | | | 9.2 | | | | | 4.8 | | | | | 4.0 | | | | | 4.4 | | | | | -4.0 | | | | | 1.5 | | | | | 8.4 | | | | | 11.8 | | | | | 10.8 | | | | | 11.0 | | | | | 11.4 | | | | | | 3.7 | | | | | 9.2 | | | | | 4.8 | | | | | 4.0 | | | | | 4.4 | | | | | -4.0 | | | | | 1.5 | | | | | 8.4 | | | | | 11.8 | | | | | 10.8 | | | | | 11.0 | | | | | 11.4 | | | ||||||||||||||||||||||||
Summer Infant, Inc. | | | | -6.1% | | | | | -9.6% | | | | | 10.4% | | | | | 12.1% | | | | | NM | | | | | NM | | | | | 31.6% | | | | | 117.3% | | | | | 4.8% | | | | | -0.2% | | | | | 3.2% | | | | | 6.2% | | | | | | -6.1% | | | | | -9.6% | | | | | 10.4% | | | | | 12.1% | | | | | NM | | | | | NM | | | | | 31.6% | | | | | 117.3% | | | | | 4.8% | | | | | -0.2% | | | | | 3.2% | | | | | 6.2% | | |
COMPANY INFORMATION Company Name | | | ENTERPRISE VALUE AS MULTIPLE OF | | |||||||||||||||||||||||||||||||||
| LTM EBITDA | | | 2022 EBITDA | | | 2023 EBITDA | | | LTM Revenue | | | 2022 Revenue | | | 2023 Revenue | | ||||||||||||||||||||
Carter’s, Inc. | | | | | 6.5x | | | | | | 6.3x | | | | | | 6.1x | | | | | | 1.10x | | | | | | 1.07x | | | | | | 1.04x | | |
Crown Crafts, Inc. | | | | | 5.7 | | | | | | 5.6 | | | | | | 5.1 | | | | | | 0.76 | | | | | | 0.75 | | | | | | 0.73 | | |
Dorel Industries Inc. | | | | | 3.1 | | | | | | 3.3 | | | | | | 2.8 | | | | | | 0.23 | | | | | | 0.22 | | | | | | 0.22 | | |
Goodbaby International Holdings Limited | | | | | 3.4 | | | | | | 4.1 | | | | | | 3.4 | | | | | | 0.37 | | | | | | 0.33 | | | | | | 0.30 | | |
Hasbro, Inc. | | | | | 11.5 | | | | | | 11.5 | | | | | | 10.5 | | | | | | 2.35 | | | | | | 2.29 | | | | | | 2.18 | | |
COMPANY INFORMATION Company Name | | | ENTERPRISE VALUE AS MULTIPLE OF | | | | ENTERPRISE VALUE AS MULTIPLE OF | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| LTM EBITDA | | 2022 EBITDA | | 2023 EBITDA | | LTM Revenue | | 2022 Revenue | | 2023 Revenue | | | LTM EBITDA | | 2022 EBITDA | | 2023 EBITDA | | LTM Revenue | | 2022 Revenue | | 2023 Revenue | | |||||||||||||||||||||||||||||||||||||||||||||||||
Carter’s, Inc. | | | | 6.5x | | | | | 6.3x | | | | | 6.1x | | | | | 1.10x | | | | | 1.07x | | | | | 1.04x | | | |||||||||||||||||||||||||||||||||||||||||||
Crown Crafts, Inc. | | | | 5.7 | | | | | 5.6 | | | | | 5.1 | | | | | 0.76 | | | | | 0.75 | | | | | 0.73 | | | |||||||||||||||||||||||||||||||||||||||||||
Dorel Industries Inc. | | | | 3.1 | | | | | 3.3 | | | | | 2.8 | | | | | 0.23 | | | | | 0.22 | | | | | 0.22 | | | |||||||||||||||||||||||||||||||||||||||||||
Goodbaby International Holdings Limited | | | | 3.4 | | | | | 4.1 | | | | | 3.4 | | | | | 0.37 | | | | | 0.33 | | | | | 0.30 | | | |||||||||||||||||||||||||||||||||||||||||||
Hasbro, Inc. | | | | 11.5 | | | | | 11.5 | | | | | 10.5 | | | | | 2.35 | | | | | 2.29 | | | | | 2.18 | | | |||||||||||||||||||||||||||||||||||||||||||
JAKKS Pacific, Inc. | | | | 4.4 | | | | | 4.3 | | | | | 4.0 | | | | | 0.33 | | | | | 0.33 | | | | | 0.32 | | | | | | 4.4 | | | | | 4.3 | | | | | 4.0 | | | | | 0.33 | | | | | 0.33 | | | | | 0.32 | | | ||||||||||||
Mattel, Inc. | | | | 10.5 | | | | | 9.5 | | | | | 8.3 | | | | | 1.82 | | | | | 1.68 | | | | | 1.56 | | | | | | 10.5 | | | | | 9.5 | | | | | 8.3 | | | | | 1.82 | | | | | 1.68 | | | | | 1.56 | | | ||||||||||||
Newell Brands Inc. | | | | 9.6 | | | | | 9.6 | | | | | 8.9 | | | | | 1.30 | | | | | 1.36 | | | | | 1.34 | | | | | | 9.6 | | | | | 9.6 | | | | | 8.9 | | | | | 1.30 | | | | | 1.36 | | | | | 1.34 | | | ||||||||||||
Spin Master Corp. | | | | 7.2 | | | | | 7.3 | | | | | 6.9 | | | | | 1.44 | | | | | 1.36 | | | | | 1.29 | | | | | | 7.2 | | | | | 7.3 | | | | | 6.9 | | | | | 1.44 | | | | | 1.36 | | | | | 1.29 | | | ||||||||||||
The Children’s Place, Inc. | | | | 3.1 | | | | | 3.6 | | | | | 3.7 | | | | | 0.50 | | | | | 0.50 | | | | | 0.50 | | | | | | 3.1 | | | | | 3.6 | | | | | 3.7 | | | | | 0.50 | | | | | 0.50 | | | | | 0.50 | | | ||||||||||||
TOMY Company, Ltd. | | | | 10.3 | | | | | NA | | | | | NA | | | | | 0.82 | | | | | 0.56 | | | | | 0.54 | | | | | | 10.3 | | | | | NA | | | | | NA | | | | | 0.82 | | | | | 0.56 | | | | | 0.54 | | | ||||||||||||
Vtech Holdings Limited | | | | 6.8 | | | | | 7.1 | | | | | 6.5 | | | | | 0.80 | | | | | 0.77 | | | | | 0.74 | | | | | | 6.8 | | | | | 7.1 | | | | | 6.5 | | | | | 0.80 | | | | | 0.77 | | | | | 0.74 | | | ||||||||||||
Mean | | | | 6.8x | | | | | 6.6x | | | | | 6.0x | | | | | 0.98x | | | | | 0.94x | | | | | 0.90x | | | | | | 6.8x | | | | | 6.6x | | | | | 6.0x | | | | | 0.98x | | | | | 0.94x | | | | | 0.90x | | | ||||||||||||
Median | | | | 6.6x | | | | | 6.3x | | | | | 6.1x | | | | | 0.81x | | | | | 0.76x | | | | | 0.74x | | | | | | 6.6x | | | | | 6.3x | | | | | 6.1x | | | | | 0.81x | | | | | 0.76x | | | | | 0.74x | | | ||||||||||||
|
(Dollars in thousands, except per share data) (Shares in thousands) | | | 2022E | | | 2023E | | | 2024E | | | 2025E | | ||||||||||||
Net Sales | | | | $ | 158,554 | | | | | $ | 177,784 | | | | | $ | 188,899 | | | | | $ | 202,705 | | |
Gross Profit on Net Sales | | | | | 42,027 | | | | | | 52,980 | | | | | | 56,670 | | | | | | 60,811 | | |
Gross Margin % on Net Sales | | | | | 26.5% | | | | | | 29.8% | | | | | | 30.0% | | | | | | 30.0% | | |
Selling Expenses | | | | | 11,788 | | | | | | 15,556 | | | | | | 16,529 | | | | | | 17,737 | | |
General and administrative expenses | | | | | 28,187 | | | | | | 28,936 | | | | | | 29,804 | | | | | | 30,698 | | |
Other expenses | | | | | 4,500 | | | | | | 4,640 | | | | | | 4,733 | | | | | | 4,651 | | |
Operating Income | | | | | (2,448) | | | | | | 3,848 | | | | | | 5,604 | | | | | | 7,726 | | |
Income tax expense | | | | | (612) | | | | | | 1,077 | | | | | | 1,569 | | | | | | 2,163 | | |
Net Income | | | | | (1,836) | | | | | | 2,771 | | | | | | 4,035 | | | | | | 5,563 | | |
Shares | | | | | 2,190,000 | | | | | | 2,190,000 | | | | | | 2,200,000 | | | | | | 2,300,000 | | |
Earnings per share | | | | $ | (0.84) | | | | | $ | 1.27 | | | | | $ | 1.83 | | | | | $ | 2.42 | | |
EBITDA(1) | | | | | 2,052 | | | | | | 8,488 | | | | | | 10,337 | | | | | | 12,377 | | |
Adjusted EBITDA(2) | | | | | 5,104 | | | | | | 11,011 | | | | | | 12,860 | | | | | | 14,900 | | |
Cash flow from operations | | | | | 3,350 | | | | | | 3,629 | | | | | | 4,124 | | | | | | 8,146 | | |
Cash flow – investing activities | | | | | (1,418) | | | | | | (1,499) | | | | | | (1,546) | | | | | | (1,602) | | |
Cash flow – financing activities | | | | | (2,056) | | | | | | (2,316) | | | | | | (2,566) | | | | | | (6,234) | | |
(Dollars in thousands, except per share data) (Shares in thousands) | | | 2022E | | | 2023E | | | 2024E | | | 2025E | | ||||||||||||
Net Sales | | | | $ | 158,554 | | | | | $ | 177,784 | | | | | $ | 188,899 | | | | | $ | 202,705 | | |
Cost of goods sold | | | | | 116,527 | | | | | | 124,804 | | | | | | 132,229 | | | | | | 141,894 | | |
Gross Profit on Net Sales | | | | | 42,027 | | | | | | 52,980 | | | | | | 56,670 | | | | | | 60,811 | | |
Gross Margin % on Net Sales | | | | | 26.5% | | | | | | 29.8% | | | | | | 30.0% | | | | | | 30.0% | | |
Selling Expenses | | | | | 11,788 | | | | | | 15,556 | | | | | | 16,529 | | | | | | 17,737 | | |
General and administrative expenses | | | | | 28,187 | | | | | | 28,936 | | | | | | 29,804 | | | | | | 30,698 | | |
Depreciation expense | | | | | 2,030 | | | | | | 2,192 | | | | | | 2,259 | | | | | | 2,342 | | |
Amortization of intangibles | | | | | 443 | | | | | | 489 | | | | | | 489 | | | | | | 489 | | |
Interest Expense | | | | | 1,571 | | | | | | 1,484 | | | | | | 1,510 | | | | | | 1,345 | | |
(Dollars in thousands, except per share data) (Shares in thousands) | | | 2022E | | | 2023E | | | 2024E | | | 2025E | | ||||||||||||
Stock option expense | | | | | 456 | | | | | | 475 | | | | | | 475 | | | | | | 475 | | |
Operating Income | | | | | (2,448) | | | | | | 3,848 | | | | | | 5,604 | | | | | | 7,726 | | |
Income tax expense | | | | | (612) | | | | | | 1,077 | | | | | | 1,569 | | | | | | 2,163 | | |
Net Income | | | | | (1,836) | | | | | | 2,771 | | | | | | 4,035 | | | | | | 5,563 | | |
Shares | | | | | 2,190,000 | | | | | | 2,190,000 | | | | | | 2,200,000 | | | | | | 2,300,000 | | |
Earnings per share | | | | $ | (0.84) | | | | | $ | 1.27 | | | | | $ | 1.83 | | | | | $ | 2.42 | | |
EBITDA(1) | | | | | 2,052 | | | | | | 8,488 | | | | | | 10,337 | | | | | | 12,377 | | |
Adjusted EBITDA(2) | | | | | 5,104 | | | | | | 11,011 | | | | | | 12,860 | | | | | | 14,900 | | |
Cash flow from operations | | | | | 3,350 | | | | | | 3,629 | | | | | | 4,124 | | | | | | 8,146 | | |
Cash flow – investing activities | | | | | (1,418) | | | | | | (1,499) | | | | | | (1,546) | | | | | | (1,602) | | |
Cash flow – financing activities | | | | | (2,056) | | | | | | (2,316) | | | | | | (2,566) | | | | | | (6,234) | | |
| | | 2022E | | | 2023E | | | 2024E | | | 2025E | | ||||||||||||
Professional fees | | | | | 2,686 | | | | | | 2,190 | | | | | | 2,190 | | | | | | 2,190 | | |
Board fees | | | | | 366 | | | | | | 333 | | | | | | 333 | | | | | | 333 | | |
Director Name | | | Number of Shares of SUMR Common Stock Owned | | | Merger Consideration Payable | | ||||||
Evelyn D’An | | | | | 9,712 | | | | | $ | 116,544.00 | | |
Robin Marino | | | | | 33,456 | | | | | $ | 401,472.00 | | |
Alan Mustacchi | | | | | 16,394 | | | | | $ | 196,728.00 | | |
Andrew Train | | | | | 7,408 | | | | | $ | 88,896.00 | | |
Stephen J. Zelkowicz | | | | | 14,289 | | | | | $ | 171,468.00 | | |
Name | | | Cash | | |||
Stuart Noyes | | | | $ | 258,120 | | |
Bruce Meier | | | | $ | 258,120 | | |
Name and Address of Beneficial Owner(1) | | | Amount and Nature of Beneficial Ownership(2) | | | Percent of Common Stock(3) | | ||||||
5% Stockholders | | | | | | | | | | | | | |
Wynnefield Capital Management LLC and related parties(4) | | | | | 784,183 | | | | | | 36.2% | | |
Jason Macari(5) | | | | | 364,117 | | | | | | 16.8% | | |
Directors and Named Executive Officers | | | | | | | | | | | | | |
Evelyn D’An | | | | | 9,712 | | | | | | * | | |
Robin Marino | | | | | 33,456 | | | | | | 1.6% | | |
Bruce Meier | | | | | — | | | | | | — | | |
Alan Mustacchi | | | | | 16,394 | | | | | | * | | |
Stuart Noyes | | | | | — | | | | | | — | | |
Edmund J. Schwartz(6) | | | | | — | | | | | | — | | |
Andrew Train | | | | | 7,408 | | | | | | * | | |
Stephen J. Zelkowicz | | | | | 14,289 | | | | | | * | | |
All current directors and executive officers as a group (7 persons) | | | | | 81,259 | | | | | | 3.8% | | |
| | | Page | | |||
| | | | A-1 | | | |
| | | | A-1 | | | |
| | | | A-2 | | | |
| | | | A-2 | | | |
| | | | A-2 | | | |
| | | | A-4 | | | |
| | | | A-5 | | | |
| | | | A-5 | | | |
| | | | A-5 | | | |
| | | | A-5 | | | |
| | | | A-6 | | | |
| | | | A-9 | | | |
| | | | A-9 | | | |
| | | | A-9 | | | |
| | | | A-10 | | | |
| | | | A-10 | | | |
| | | | A-10 | | | |
| | | | A-11 | | | |
| | | | A-12 | | | |
| | | | A-12 | | | |
| | | | A-13 | | | |
| | | | A-13 | | | |
| | | | A-14 | | | |
| | | | A-14 | | | |
| | | | A-14 | | | |
| | | | A-14 | | | |
| | | | A-16 | | | |
| | | | A-16 | | | |
| | | | A-18 | | | |
| | | | A-19 | | | |
| | | | A-21 | | | |
| | | | A-22 | | | |
| | | | A-23 | | | |
| | | | A-23 | | | |
| | | | A-23 | | | |
| | | | A-23 | | | |
| | | | A-23 | | | |
| | | | A-24 | | | |
| | | | A-24 | | | |
| | | | A-24 | | | |
| | | | A-25 | | |
| | | Page | | |||
| | | | A-25 | | | |
| | | | A-25 | | | |
| | | | A-25 | | | |
| | | | A-26 | | | |
| | | | A-26 | | | |
| | | | A-26 | | | |
| | | | A-26 | | | |
| | | | A-26 | | | |
| | | | A-27 | | | |
| | | | A-27 | | | |
| | | | A-27 | | | |
| | | | A-27 | | | |
| | | | A-27 | | | |
| | | | A-28 | | | |
| | | | A-28 | | | |
| | | | A-28 | | | |
| | | | A-29 | | | |
| | | | A-29 | | | |
| | | | A-29 | | | |
| | | | A-31 | | | |
| | | | A-31 | | | |
| | | | A-31 | | | |
| | | | A-32 | | | |
| | | | A-32 | | | |
| | | | A-32 | | | |
| | | | A-37 | | | |
| | | | A-40 | | | |
| | | | A-41 | | | |
| | | | A-42 | | | |
| | | | A-42 | | | |
| | | | A-42 | | | |
| | | | A-42 | | | |
| | | | A-42 | | | |
| | | | A-43 | | | |
| | | | A-43 | | | |
| | | | A-44 | | | |
| | | | A-44 | | | |
| | | | A-44 | | | |
| | | | A-44 | | | |
| | | | A-45 | | | |
| | | | A-45 | | | |
| | | | A-46 | | |
| | | Page | | |||
| | | | A-46 | | | |
| | | | A-46 | | | |
| | | | A-47 | | | |
| | | | A-47 | | | |
| | | | A-48 | | | |
| | | | A-48 | | | |
| | | | A-48 | | | |
| | | | A-49 | | | |
| | | | A-49 | | | |
| | | | A-49 | | | |
| | | | A-49 | | | |
| | | | A-50 | | | |
| | | | A-50 | | | |
| | | | A-50 | | | |
| | | | A-50 | | | |
| | | | A-51 | | | |
| | | | A-51 | | | |
| | | | A-52 | | |
| Exhibit A: Form of Support Agreement | | | | |
| Exhibit B: Second Amended and Restated Certificate of Incorporation of the Surviving Corporation | | | | |
| Exhibit C: Second Amended and Restated Bylaws | | | | |
| Exhibit D: Form of Letter of Transmittal | | | | |
| Confidential | | | March 16, 2022 | |
| Summer Infant, Inc. 1275 Park East Drive Woonsocket, RI 02895 | | | | |