ATNI Form 4: Director Ownership Climbs to 33,298 Shares

Rhea-AI Filing Summary

Form 4 Overview: On 06/17/2025, ATN International (ATNI) director Pamela F. Lenehan received 8,632 fully-vested restricted shares in lieu of cash for her 2025 annual board retainer. The award was granted under the company's 2023 Equity Incentive Plan at a valuation based on the 20-day moving average price of $15.06, giving the grant an estimated value of roughly $130 k.

Post-transaction ownership: Lenehans direct holdings rise to 33,298 shares; she also reports 1,500 shares held indirectly by her spouse, taking her total beneficial stake to 34,798 shares. No derivative instruments were reported.

Transaction characteristics: Coded 3CA3E (award/acquisition), the transaction was not executed via a Rule 10b5-1 plan and involved no open-market purchases or sales. The filing reflects a standard, non-cash compensation event rather than a discretionary buy or sell decision.

Investor takeaway: The incremental increase in insider ownership modestly strengthens alignment between the director and shareholders but is immaterial relative to ATNIs share count and market capitalization. Consequently, the filing is unlikely to affect near-term trading dynamics or valuation.

Positive

• Directors direct holdings increase by 8,632 shares, modestly enhancing alignment with shareholder interests.
• Equity retainer conserves corporate cash while maintaining competitive board compensation.

Negative

• Transaction is immaterial—only about 0.06 % of shares outstanding, so limited signaling value.
• No open-market purchase; grant does not indicate additional personal capital commitment by the director.

Insights

Financial Analyst

TL;DR: Routine equity retainer; raises insider stake by 8.6 k shares, little market impact.

The grant values at about $130 k versus ATNIs c. $230 m market cap—approximately 0.06 % of outstanding shares. Because no cash changed hands and no shares were sold, the filing signals neither bullish nor bearish sentiment. Still, incremental ownership increases governance alignment and can be viewed as marginally shareholder-friendly. Absent further insider accumulation or significant volume, I view the news as neutral for valuation.

Corporate Governance Specialist

TL;DR: Standard director compensation; confirms boards pay-in-equity practice—neutral impact.

Issuing fully-vested stock for board fees keeps cash outflows low and embeds performance alignment. Grant size is consistent with prior practice, so it does not signal compensation escalation. Because shares are immediately vested, retention incentives are modest, but ownership optics remain positive. Overall governance implications are routine; I classify the market impact as negligible.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

LENEHAN PAMELA F

(Last) (First) (Middle)

C/O ATN INTERNATIONAL, INC.

500 CUMMINGS CENTER, SUITE 2450

(Street)

BEVERLY MA 01915

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ATN International, Inc. [ ATNI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/17/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/17/2025		A		8,632	A	$15.06(1)	33,298	D
Common Stock								1,500	I	By Spouse

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents fully vested shares of restricted stock grant pursuant to the Issuer's 2023 Equity Incentive Plan in payment of Ms Lenehan's 2025 annual director retainer based on the moving average price for the past twenty days of $15.06 of the Issuer's common stock as of June 13, 2025.

	/s/ Andrew S. Fienberg as Attorney in-fact for Pamela Lenahan	06/20/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many ATNI shares did Director Pamela Lenehan acquire?

8,632 fully-vested restricted shares were granted on 06/17/2025.

What is Pamela Lenehans total ownership after the transaction?

She now directly owns 33,298 shares and indirectly controls 1,500 through her spouse.

What was the valuation price used for the grant?

The award was priced at the $15.06 20-day moving average as of 06/13/2025.

Was this transaction an open-market purchase or sale?

No. It was coded A for an award/acquisition under the equity plan; no market trade occurred.

Does the Form 4 reference a Rule 10b5-1 trading plan?

The box for a 10b5-1 plan was not checked; the grant was outside such a plan.