SeqLL amends merger agreement with Lyneer/IDC; cash consideration reduced, adds $20M convertible note

ATLANTIC INTERNATIONAL CORP.

Amendment No. 4 eliminates $35M cash consideration, replacing with $20M cash + $20M convertible note to IDC.
Convertible note bears no interest; upon default, 7% p.a. and convertible at ≥80% of Capital Raise price.
Lyneer Stock Consideration redirected: 90% of shares formerly issuable to IDC now issuable to IDC CEO Prateek Gattani.
Atlantic Stock Consideration changed to $43M / Offering Price (previously based on $150M - $67M formula).
Required dividends to stockholders removed; replaced with settlement offer of same amount within 90 days of closing.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

ATLANTIC INTERNATIONAL CORP. amended Amendment with SeqLL, Inc.; SeqLL Merger LLC; Atlantic Merger LLC; Lyneer Investments, LLC; IDC Technologies, Inc.; Lyneer Management Holdings LLC (effective 2023-11-03).

Action: amendment
Agreement: merger
Counterparty: SeqLL, Inc.; SeqLL Merger LLC; Atlantic Merger LLC; Lyneer Investments, LLC; IDC Technologies, Inc.; Lyneer Management Holdings LLC
Effective: 2023-11-03

Exact text from the filing

On November 3, 2023, the Company entered into Amendment No. 4 to the Agreement and Plan of Reorganization (the "Amendment") with the other parties thereto.

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Source: SEC EDGAR

accession 0001213900-23-085296

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