Atlantic International subsidiary secures $70M revolver; chairman resigns; IDC shares foreclosed

ATLANTIC INTERNATIONAL CORP.

Lyneer Staffing entered $70M senior secured revolver with North Mill Capital (SLR Business Credit), replacing BMO facility; interest Prime+1% (min 5.75%), matures April 29, 2028.
Amended $35M convertible promissory note with IDC Technologies; maturity extended to March 31, 2027.
BMO assumed 3,439,803 Atlantic shares from IDC as collateral; term lender foreclosed on IDC's remaining 21,983,926 shares.
Chairman Prateek Gattani resigned effective on Restatement Closing Date at board's request in connection with the loan agreement.

item 5.02 item 2.03 item 7.01 item 9.01

Machine-readable event card

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company_name: ATLANTIC INTERNATIONAL CORP.
filed_at: 2025-05-05T23:59:59+00:00
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Departed

Prateek Gattani

Chairman of the Board

ATLN · ATLANTIC INTERNATIONAL CORP.

Filed: May 05, 2025 23:59 UTC

On April 29, 2025, in consideration of the Loan Agreement (as defined in Item 2.03 below), and at the request of the Board of Directors, Prateek Gattani resigned as Chairman of the Board of directors of the Company, effective on the Restatement Closing Date (as defined under the Loan Agreement).

Source-grounded claims

b88f55d24f

Prateek Gattani resigned as Chairman of the Board at ATLANTIC INTERNATIONAL CORP..

On April 29, 2025, in consideration of the Loan Agreement (as defined in Item 2.03 below), and at the request of the Board of Directors, Prateek Gattani resigned as Chairman of the Board of directors of the Company, effective on the Restatement Closing Date (as defined under the Loan Agreement).

SEC 8-K Item 5.02 confidence 0.95 SEC evidence

Source: SEC EDGAR

accession 0001605888-25-000010

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