Atlantic International Corp. announced the acquisition (“Acquisition”) of Lyneer Staffing Solutions (“Lyneer”), a 28 year old national strategic staffing outsourced services and workforce solutions company servicing the commercial, professional, finance, direct placement, and managed service provider verticals. Lyneer has over 1,100 customers, including, among others, enterprise scale customers UPS, DHL, FedEx, XPO Logistics, Ryder, Ikea, PepsiCo, T-Mobile, Kraft Heinz, and Red Bull. The Company is using its best efforts to uplist in the near future onto a National Securities Exchange and remains optimistic that it will be able to do so.
On June 13th, 2024, SeqLL Inc. changed its corporate name to Atlantic International Corp. and on June 18th, 2024 a wholly-owned subsidiary of the Company was merged with and into Lyneer Investments, Inc., the parent of Lyneer Staffing Solutions. The consideration for the Acquisition consisted of a $35 million promissory note payable to IDC Technologies Inc. (“IDC”), the parent of Lyneer, and the issuance of $60 million of restricted shares of our common stock valued at $2.36 per share at time of issuance.
Jeffrey Jagid, who was appointed as Chief Executive Officer of the Company in connection with the acquisition, commented, “With the acquisition, we are very excited to get to work building a leading staffing, outsourced services and workforce solutions enterprise for our over 1,100 customers. We believe that Lyneer is well positioned as a platform for our consolidation strategy and there are significant attractive merger and acquisition opportunities among leading medical, IT and engineering staffing, outsourced services and workforce solutions companies. The acquisition provides Atlantic with enhanced resources to pursue its growth and acquisition strategy.”
Prateek Gattani, the Chief Executive Officer of IDC, our principal shareholder, was appointed as Chairman of the Board, in connection with the Acquisition. Mr. Gattani commented, “We are beyond thrilled to begin the journey with Atlantic. As we move forward, we have significant confidence that Atlantic will capitalize on the compelling benefits of outsourced services and workforce solutions, adding capabilities across new high growth verticals through organic growth and merger and acquisitions.”
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
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