secwatch.observer — SEC 8-K summary
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Issuer:     TEAM INC (TISI)
CIK:        0000318833
Form:       8-K
Filed at:   2022-11-07T23:59:59+00:00
Accession:  0001193125-22-278453
Event type: m_and_a
Sentiment:  negative
Materiality: 0.80
Item codes: 1.01, 2.01, 3.01, 5.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Team completes Quest Integrity sale for $279M; NYSE warns on low share price
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- Sold Quest Integrity to Baker Hughes for $279M; net proceeds ~$270M.
- Will use ~$238M of proceeds to pay down term loan, leaving $35.6M outstanding.
- NYSE notified that TISI average closing price below $1.00 over 30 trading days; six-month cure period.
- President Robert Young resigned effective Nov 1, receives $499,502 strategic bonus and accelerated vesting.
- Amended credit agreements allow retention of $26M proceeds; board rights granted to Atlantic Park.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/318833/000119312522278453/0001193125-22-278453-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/318833/000119312522278453/d866971d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-22-278453

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