SQLLW - Atlantic International Corp. Acquires Lyneer Staffing Solutions | Benzinga
ENGLEWOOD CLIFFS, N.J., June 21, 2024 (GLOBE NEWSWIRE) -- Atlantic International Corp. (OTC:ATLN) (OTC:SEQL) today 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 ...