Gattani Amends Atlantic International Corp. Filing

TL;DR

Gattani just updated his stake in ATLANTIC INTERNATIONAL CORP. - watch this.

AI Summary

Prateek Gattani has amended his Schedule 13D filing for Atlantic International Corp. on July 29, 2024, to report a change in beneficial ownership. The filing indicates a shift in control or a significant stake acquisition, though specific share counts and dollar amounts are not detailed in this excerpt.

Why It Matters

This amendment signals a potential change in the control or significant ownership of Atlantic International Corp., which could impact its stock price and strategic direction.

Risk Assessment

Risk Level: medium — Amendments to Schedule 13D often indicate significant shifts in beneficial ownership, which can lead to increased volatility and uncertainty for investors.

Key Players & Entities

• Prateek Gattani (person) — Filing person making amendment
• Atlantic International Corp. (company) — Subject company
• Elliot H. Lutzker (person) — Authorized to receive notices
• Davidoff Hutcher & Citron LLP (company) — Legal counsel

FAQ

Key Financial Figures

• $0.00001 — me of Issuer) Common Stock, Par Value $0.00001 per share (Title of Class of Securiti
• $0.001 — of Common Stock at an exercise price of $0.001 per share pursuant to his exercise of t

Filing Documents

• ea0210222-13da1gattani_atlan.htm (SC 13D/A) — 53KB
• 0001013762-24-002148.txt ( ) — 54KB

Identity and Background

Item 2. Identity and Background (a) This amendment to Schedule 13D (this “Amendment”) is being filed by Prateek Gattani (“Mr. Gattani”), the Chairman of the Board of the Issuer and IDC Technologies, Inc. (“IDC” and, together with Mr. Gattani, the “Reporting Persons”). (b) The Reporting Persons’ business and office address is IDC Technologies, Inc., 920 Hillview Court, Suite 250, Milpitas, CA 95035. (c) Mr. Gattani’s principal business is to serve as Chief Executive Officer of IDC, 920 Hillview Court, Suite 250, Milpitas, CA 95035. IDC is a California based company providing business process outsourcing, IT consulting, revenue sources and software as a service (SAAS). (d) During the past five years, the Reporting Persons have not been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors). (e) During the past five years, the Reporting Persons have not been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and, as a result of such proceeding, was or is subject to a judgment, decree, or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. (f) Mr. Gattani is a citizen of the United States. IDC is a California corporation.

Source and Amount of Funds or Other

Item 3. Source and Amount of Funds or Other Considerations . Mr. Gattani used personal funds to acquire the shares upon exercise of restricted stock units (“RSUs”) issued to him as a director.

Purpose of Transaction . Mr

Item 4. Purpose of Transaction . Mr. Gattani received the securities referred to on Item 3 above upon exercise of RSUs granted to him as a director of the Issuer. The Reporting Person does not have a present plan or proposal that relates to or would result in any of the actions specified in clauses (a) through (j) of Item 4 of Schedule 13D of the Securities Exchange Act of 1934.

Interest in Securities of the Issuer

Item 5. Interest in Securities of the Issuer (a) 26,723,729 (53.4 %) shares based on 50,028,813 shares issued and outstanding as of July 22, 2024. (b) Mr. Gattani holds the 1,300,000 shares he acquired upon exercise of the RSUs. In addition, Mr. Gattani, as the Chief Officer of IDC, has the power to vote and dispose of the 25,423,729 shares of Common Stock owned by IDC. (c) The sole transaction in the Common Stock effected by the Reporting Persons since the Reporting Persons filed the original Schedule 13D that this Amendment amends was Mr. Gattani’s acquisition of 1,300,000 shares of Common Stock at an exercise price of $0.001 per share pursuant to his exercise of the RSUs on July 19, 2024. (d) No person has the right to receive, or the power to direct the receipt of dividends from, or proceeds from, the sale of such securities. (e) Not applicable.

Contracts, Arrangements, Understandings

Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer; None

Material to Be Filed as Exhibits;

Item 7. Material to Be Filed as Exhibits; A. Amended and Restated Merger Agreement dated as of June 4, 2024, incorporated by reference to Exhibit 2.1 to the Issuer’s Form 8-K (File No. 001-40760) filed with the Securities and Exchange Commission on June 6, 2024. B. Amendment No. 1 to Amended and Restated Merger Agreement dated as of June 12, 2024, incorporated by reference to Exhibit 2.1 to the Issuer’s Form 8-K filed with the Securities and Exchange Commission on June 18, 2024. Page 5 Signature After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete, and correct. July 29, 2024 Dated /s/ Prateek Gattani Signature Prateek Gattani Name/Title Attention: Intentional misstatements or omissions of fact constitute Federal criminal violations (See 18 U.S.C. 1001).

View Full Filing

View this SC 13D/A filing on SEC EDGAR