Michael Tenore, General Counsel of Atlantic International Corp. (NASDAQ:ATLN), recently acquired a significant number of shares in the company. According to a recent SEC filing, Tenore purchased 577,171 shares of common stock at a price of $0.0001 per share, totaling approximately $57. This transaction increased his total holdings to 1,578,865 shares. The timing is notable as ATLN shares have surged 162% over the past year, currently trading at $5.85.
In addition to the common stock purchase, Tenore was awarded 577,171 restricted stock units (RSUs) as part of his Executive Employment Agreement. These RSUs were granted under the company's 2023 Equity Incentive Plan and are set to expire on July 7, 2030. The acquisition of these RSUs did not involve any cash transaction, as they were issued at no cost. According to InvestingPro, ATLN currently trades at a Price/Book ratio of 14.84x, suggesting a premium valuation despite reporting losses in the last twelve months.
These moves highlight Tenore's growing stake in Atlantic International Corp., reflecting his commitment and belief in the company's future prospects. InvestingPro subscribers can access additional insights, including 6 more exclusive ProTips and detailed financial metrics to better evaluate this insider activity.
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