secwatch.observer — SEC 8-K summary
======================================

Issuer:     ATI Physical Therapy, Inc. (—)
CIK:        0001815849
Form:       8-K
Filed at:   2025-03-04T23:59:59+00:00
Accession:  0001140361-25-006876
Event type: debt
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 2.03, 3.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

ATI Physical Therapy closes $26M 8% second lien PIK convertible note; conversion at $1.35 per share
--------------------------------------------------------------------------------

- Issued $26M second lien PIK convertible notes to existing preferred equity holders; matures Aug 24, 2028, 8% interest payable in-kind quarterly.
- Conversion price $1.35 per share, convertible into up to 19.26M shares; existing Convertible Notes conversion price also adjusted to $1.35.
- Significant stockholders hold ~98.6% of shares on as-converted basis; agreed not to pursue short-form merger below $2.85/share for 12 months.
- Company intends to deregister common stock from SEC reporting requirements as shares held by 300 or fewer holders of record.
- Stock now trades on OTC Pink Sheets after NYSE delisting on Dec 3-4, 2024.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1815849/000114036125006876/0001140361-25-006876-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1815849/000114036125006876/ef20044713_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-25-006876

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer