secwatch.observer — SEC 8-K summary
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Issuer:     ATLANTIC INTERNATIONAL CORP. (ATLN)
CIK:        0001605888
Form:       8-K
Filed at:   2024-06-25T23:59:59+00:00
Accession:  0001213900-24-055741
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.90
Item codes: 2.01, 3.02, 4.01, 5.02, 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Atlantic International (fka SeqLL) completes Lyneer staffing acquisition for $95M in stock and note
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1605888/000121390024055741/0001213900-24-055741-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1605888/000121390024055741/ea0208305-8k_atlantic.htm
  HTML page:      https://secwatch.observer/filing/0001213900-24-055741

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer