---
schema_version: "secwatch.filing_event.v1"
accession: "0001605888-25-000010"
form_type: "8-K"
ticker: "ATLN"
cik: "0001605888"
company_name: "ATLANTIC INTERNATIONAL CORP."
filed_at: "2025-05-05T23:59:59+00:00"
generated_at: "2026-05-22T17:28:32.419524+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001605888-25-000010
- form_type: 8-K
- ticker: ATLN
- cik: 0001605888
- company_name: ATLANTIC INTERNATIONAL CORP.
- filed_at: 2025-05-05T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.85
- confidence: high
- sec_items: 5.02, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1605888/000160588825000010/0001605888-25-000010-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1605888/000160588825000010/altn-20250429.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001605888-25-000010
- JSON: https://secwatch.observer/filing/0001605888-25-000010.json
- Plain text: https://secwatch.observer/filing/0001605888-25-000010.txt

## Source-grounded claims
- claim_id: b88f55d24f
  claim: Prateek Gattani resigned as Chairman of the Board at ATLANTIC INTERNATIONAL CORP..
  evidence_excerpt: 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).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1605888/000160588825000010/0001605888-25-000010-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.