secwatch.observer — SEC 8-K summary
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Issuer:     ATLANTIC INTERNATIONAL CORP. (ATLN)
CIK:        0001605888
Form:       8-K
Filed at:   2025-05-05T23:59:59+00:00
Accession:  0001605888-25-000010
Event type: debt
Sentiment:  negative
Materiality: 0.85
Item codes: 5.02, 2.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1605888/000160588825000010/0001605888-25-000010-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1605888/000160588825000010/altn-20250429.htm
  HTML page:      https://secwatch.observer/filing/0001605888-25-000010

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