8-K - Atlantic International Corp. | StockGist

AI Analysis

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Atlantic International Corp. received default notices from SPP Credit Advisors on March 30, 2026, under Lyneer term loan and bridge loan agreements, terminated COO Mathew Evelt for cause, and filed a lawsuit seeking injunction against SPP's control actions over Lyneer subsidiaries.

Key Takeaways

1SPP issued default notices on March 30, 2026, under Amended and Restated Loan Agreement dated April 29, 2025, and June 18, 2024 Bridge Loan, citing covenant breaches.

2SPP seeks to accelerate obligations, exercise pledges, and replace Lyneer management; Company contests as fabricated and debt satisfied via $77M shares.

3Company filed lawsuit on April 1, 2026, in NY Supreme Court seeking preliminary injunction to block SPP's management, operational, and property actions.

4Mathew Evelt, COO, resigned March 30, 2026, alleging payment issues and strategic differences; Company issued for-cause termination for aiding SPP.

5Company claims SPP received over $77M in shares exceeding < $50M debt, satisfying obligations; SPP default notices omitted payoff demands.

Current Report Details

Event Type

Other Event

Financing

Disclosure

Mandatory

Variant

8-K

Items Reported

2.04

. As a result, the Company provided Mr. Evelt with a letter dated March 30, 2026, stating that his actions have resulted in a “for Cause” (as defined) terminati

Financing

8.01

above, and has commenced a lawsuit to contest SPP’s actions. ** ** **Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of

Other Event

Executive & Director Changes

Mathew Evelt

Chief Operating Officer

Resignation disputed as for-cause termination

Effective: 2026-03-30

Actions supporting SPP, egregious misconduct injurious to Company

Exhibits (1)

8-K

CURRENT REPORT