secwatch.observer — SEC 8-K summary
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Issuer:     ATLANTIC INTERNATIONAL CORP. (ATLN)
CIK:        0001605888
Form:       8-K
Filed at:   2023-11-09T23:59:59+00:00
Accession:  0001213900-23-085296
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1605888/000121390023085296/0001213900-23-085296-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1605888/000121390023085296/ea188009-8k_seqllinc.htm
  HTML page:      https://secwatch.observer/filing/0001213900-23-085296

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