8-K
filed June 25, 2024, 7:59 PM ET
ticker ATLN
CIK 0001605888
M&A
confidence high
sentiment neutral
materiality 0.90
ATLANTIC INTERNATIONAL CORP. (ATLN): M&A transaction — Atlantic International (fka SeqLL) completes Lyneer staffing acquisition for $95M in stock and note
ATLANTIC INTERNATIONAL CORP.
- Lyneer generated >$400M revenue and $5.4M adjusted EBITDA in 2023; consideration: $35M convertible note due Sep 2024 plus 25.4M shares at $2.36/sh.
- Name changed to Atlantic International Corp., ticker ATLN; new CEO Jeffrey Jagid, COO/CFO Christopher Broderick, GC Michael Tenore.
- New board includes Prateek Gattani (Chair), Robert Machinist (Vice Chair), Jeffrey Jagid, Jeffrey Kurtz, David Solimine, and incumbent David Pfeffer.
- Legacy SeqLL assets sold to SeqLL Omics for $1,000, retaining only $1.375M note and lease; 4.7M shares and cash escrowed for shareholder settlement.
- IDC Technologies owns 52% of post-merger shares; shares pledged to Lyneer's lenders.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.9
Daniel Jones resigned as President, Chief Executive Officer and Chairman at ATLANTIC INTERNATIONAL CORP..
- Action
- resigned
- Role
- President, Chief Executive Officer and Chairman
Exact text from the filing
the following officers resigned: Daniel Jones, President, Chief Executive Officer and Chairman
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.9
Dr. Patrice M. Milos resigned as Director at ATLANTIC INTERNATIONAL CORP..
- Action
- resigned
- Role
- Director
Exact text from the filing
the following directors resigned: Daniel Jones, Dr. Patrice M. Milos and Douglas Miscoll
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.9
Daniel Jones resigned as Director at ATLANTIC INTERNATIONAL CORP..
- Action
- resigned
- Role
- Director
Exact text from the filing
the following directors resigned: Daniel Jones, Dr. Patrice M. Milos and Douglas Miscoll
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.9
Prateek Gattani was elected as Chairman of the Board at ATLANTIC INTERNATIONAL CORP..
- Action
- elected
- Role
- Chairman of the Board
Exact text from the filing
Prateek Gattani, Chairman of the Board, Robert Machinist, Vice Chairman of the Board, Jeffrey Jagid, Jeffrey Kurtz and David Solimine were elected to the Board joining David Pfeffer
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.9
Francis Scully resigned as Chief Financial Officer and Security at ATLANTIC INTERNATIONAL CORP..
- Action
- resigned
- Role
- Chief Financial Officer and Security
Exact text from the filing
the following officers resigned: Daniel Jones, President, Chief Executive Officer and Chairman, and Francis Scully, Chief Financial Officer and Security
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.9
David Solimine was elected as Director at ATLANTIC INTERNATIONAL CORP..
- Action
- elected
- Role
- Director
Exact text from the filing
Prateek Gattani, Chairman of the Board, Robert Machinist, Vice Chairman of the Board, Jeffrey Jagid, Jeffrey Kurtz and David Solimine were elected to the Board joining David Pfeffer
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.9
Jeffrey Jagid was elected as Director at ATLANTIC INTERNATIONAL CORP..
- Action
- elected
- Role
- Director
Exact text from the filing
Prateek Gattani, Chairman of the Board, Robert Machinist, Vice Chairman of the Board, Jeffrey Jagid, Jeffrey Kurtz and David Solimine were elected to the Board joining David Pfeffer
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.9
Jeffrey Kurtz was elected as Director at ATLANTIC INTERNATIONAL CORP..
- Action
- elected
- Role
- Director
Exact text from the filing
Prateek Gattani, Chairman of the Board, Robert Machinist, Vice Chairman of the Board, Jeffrey Jagid, Jeffrey Kurtz and David Solimine were elected to the Board joining David Pfeffer
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.9
Robert Machinist was elected as Vice Chairman of the Board at ATLANTIC INTERNATIONAL CORP..
- Action
- elected
- Role
- Vice Chairman of the Board
Exact text from the filing
Prateek Gattani, Chairman of the Board, Robert Machinist, Vice Chairman of the Board, Jeffrey Jagid, Jeffrey Kurtz and David Solimine were elected to the Board joining David Pfeffer
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.9
Douglas Miscoll resigned as Director at ATLANTIC INTERNATIONAL CORP..
- Action
- resigned
- Role
- Director
Exact text from the filing
the following directors resigned: Daniel Jones, Dr. Patrice M. Milos and Douglas Miscoll
View on SEC.gov
M&A Transactions
SEC 8-K Item 2.01/5.01
confidence 0.9
ATLANTIC INTERNATIONAL CORP. completed an acquisition involving Lyneer Investments LLC for $35,000,000 convertible promissory note and 25,423,729 shares of common stock valued at $60,000,000 (closed 2024-06-18).
- Action
- acquisition
- Counterparty
- Lyneer Investments LLC
- Consideration
- $35,000,000 convertible promissory note and 25,423,729 shares of common stock valued at $60,000,000
- Closing
- 2024-06-18
Exact text from the filing
for the Acquisition was the issuance to IDC Technologies Inc. (“IDC”), the then current owner of Lyneer: (a) a convertible promissory note in the principal amount of $35,000,000 that is due on or before September 30, 2024; and (b) 25,423,729 shares of the Company’s common stock at a market value of $2.36 per share, or $60,000,000 in the aggregate. The
View on SEC.gov
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