SeqLL amends merger agreement with Lyneer; extends termination date to March 15, 2024

ATLANTIC INTERNATIONAL CORP.

Amendment No. 5 restructures Merger Consideration: $35M total cash - $12.75M to IDC for debt, $3.5M to Lyneer Management, $18.75M convertible note to IDC.
Stock Consideration unchanged at $55M in SeqLL shares (90% to IDC, 10% to Lyneer Management); Atlantic receives $43M in shares.
Termination Date extended from Nov 30, 2023 to March 15, 2024.
Merger Note ($18.75M) is non-interest bearing, due July 31, 2024, proceeds to repay indebtedness.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

ATLANTIC INTERNATIONAL CORP. amended Agreement and Plan of Reorganization with SeqLL, Inc., SeqLL Merger LLC, Atlantic Acquisition Corp, Atlantic Merger LLC, Lyneer Investments, LLC, IDC Technologies, Inc., and Lyneer Management Holdings LLC valued at Amendment No. 5 to the Merger Agreement modifying consideration terms and extending termination date (effective 2024-01-16).

Action: amendment
Agreement: merger
Counterparty: SeqLL, Inc., SeqLL Merger LLC, Atlantic Acquisition Corp, Atlantic Merger LLC, Lyneer Investments, LLC, IDC Technologies, Inc., and Lyneer Management Holdings LLC
Value: Amendment No. 5 to the Merger Agreement modifying consideration terms and extending termination date
Effective: 2024-01-16

Exact text from the filing

On January 16, 2024, the Company entered into Amendment No. 5 to the Agreement and Plan of Reorganization (the “Amendment”) with the other parties thereto.

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Source: SEC EDGAR

accession 0001213900-24-004523

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