other material
confidence high
sentiment neutral
materiality 0.55
Atlantic International raises $5.6M via Series B convertible preferred stock and warrants
ATLANTIC INTERNATIONAL CORP.
- Issued 5,600 Series B conv. pref. shares at stated value $1,070 each, raising $5.6M gross.
- Also issued warrants to purchase 5,600 additional pref. shares at $1,000 each, expiring 11 months.
- Conversion price initially $4.38 per common share, fixed for 30 days.
- Net proceeds of $5.565M to be used for working capital and general corporate purposes.
- Preferred stock ranks senior to common; 5% dividend payable in cash or shares.