Atlantic International Corp. (NASDAQ:ATLN) stock is declining on Thursday, continuing a downward trajectory following a 41% drop on Wednesday.
Profit Taking Follows Contract Rally
The current downward movement follows a Tuesday session where the stock moved up over 290% from Monday’s close to a session peak of $1.72.
Market data from June 23 indicates the initial gains occurred after the company’s Circle8 Group subsidiary secured a $52 million government contract with the Dutch Vehicle Authority.
Details Of Public Sector Awards
According to the company announcement on Tuesday, the contract covers a four-year term. The company also noted a prior public sector award valued at $380 million.
“Together, these awards reflect the quality of our professionals, the depth of our client relationships, and our ability to deliver mission-critical workforce solutions for large organizations across Europe,” said CEO Jeffrey Jagid.
Share Resale Prospectus Filed
Securities and Exchange Commission filings show that Atlantic International filed a Form 424B3 prospectus supplement on Wednesday. The document outlines the potential resale of up to 6 million shares of common stock by selling stockholder Leviston Resources LLC.
The registration covers 3 million shares issuable upon conversion of Series B 5% Convertible Preferred Stock and 3 million shares upon the exercise of warrants. Atlantic International will not receive proceeds from the resale.
What Does Atlantic International Do?
Atlantic International is a U.S.-based outsourced services and workforce solutions company focused on staffing and placement.
It provides permanent, temporary, and temporary-to-permanent roles across areas like accounting and finance, admin and clerical, hospitality, IT, legal, light industrial, and medical.
ATLN Stock Price Activity: Atlantic International shares were down 3.79% at 75 cents during premarket trading on Thursday, according to Benzinga Pro data.
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