ATNI Shelf Prospectus Allows $300M in Equity, Debt and Other Securities
ATN International, Inc. filed a Form S-3 shelf registration dated August 15, 2025 to offer up to $300,000,000 of securities. The shelf permits issuance, in one or more offerings, of common stock, preferred stock, depositary shares, debt securities, warrants, rights and units. The prospectus notes the company may sell securities directly, through agents, or to underwriters and that specific terms will be provided in prospectus supplements.
The filing discloses 15,257,391 shares of common stock outstanding and that ATNI trades on Nasdaq under "ATNI" with a last reported sale price of $15.18 on August 14, 2025. The prospectus emphasizes forward-looking statements and references risk factors in recent SEC filings. The company states intended uses of proceeds include general corporate purposes, working capital, debt repayment, capital expenditures and potential acquisitions.
Positive
- $300,000,000 shelf provides the company with broad financing flexibility to pursue growth, refinance debt, or fund capital expenditures
- Multiple instrument types (equity, preferred, debt, warrants, rights, units) allow tailored financing strategies and opportunistic capital raising
- Accelerated filer status signals regular SEC reporting and disclosure obligations
Negative
- Potential dilution to common shareholders if equity or convertible securities are issued under the shelf
- Board authority to issue preferred stock without further stockholder approval could adversely affect voting power and dividend/liquidation priorities
- Anti-takeover provisions (Delaware Section 203 and by-law provisions) may limit shareholder ability to effect change in control
Insights
TL;DR: Shelf registration raises up to $300M, giving financing flexibility but enabling potential dilution depending on issuances.
This S-3 is a routine but material capital markets filing that establishes capacity to raise up to $300 million through multiple securities types. For investors, the key implications are access to liquidity and strategic optionality for the issuer versus the potential for future equity dilution or increased leverage if debt is issued. The filing highlights governance features such as board authority to designate preferred stock terms without further stockholder approval, which can affect voting power and capital structure. Impact depends on whether and how the company uses the shelf.
TL;DR: The charter and shelf permit flexible financing and anti-takeover provisions that could affect shareholder rights.
Important governance elements disclosed include board authority to create and set terms for up to 10,000,000 shares of preferred stock without stockholder approval and by-law provisions limiting special meeting access. Delaware Section 203 protections are noted. These features, combined with an active shelf, could be used in ways that materially alter capital structure or influence control dynamics if exercised. Shareholders should monitor prospectus supplements for specific terms of any issuance.
SECURITIES AND EXCHANGE COMMISSION
THE SECURITIES ACT OF 1933
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Delaware
(State or other jurisdiction of
incorporation or organization) |
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47-0728886
(I.R.S. Employer
Identification No.) |
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Beverly, Massachusetts 01915
(978) 619-1300
Senior Vice President,
General Counsel and Secretary
ATN International, Inc.
500 Cummings Center
Beverly, Massachusetts 01915
(978) 619-1300
Bryan S. Keighery, Esq.
Morgan, Lewis & Bockius LLP
One Federal Street
Boston, Massachusetts 02110
(617) 341-7700
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Large accelerated filer
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Accelerated filer
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Non-accelerated filer
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Smaller reporting company
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Emerging growth company
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Preferred Stock
Depositary Shares
Debt Securities
Warrants
Rights
Units
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Page
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About This Prospectus
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Special Note Regarding Forward-Looking Statements
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ATN International, Inc.
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Risk Factors
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Use of Proceeds
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Description of Capital Stock
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Description of Depositary Shares
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Description of Debt Securities
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Description of Warrants
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Description of Rights
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Description of Units
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Legal Ownership of Securities
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Plan of Distribution
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Legal Matters
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Experts
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Where You Can Find More Information
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Incorporation of Certain Documents by Reference
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International Telecom
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US Telecom
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Services
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Markets
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Tradenames
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Services
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Markets
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Tradenames
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| | Mobility Services | | | Bermuda, Guyana, US Virgin Islands | | | One Communications, Viya | | | Mobility Services | | | United States (rural markets) | | | Choice, Choice NTUA Wireless | |
| | Fixed Services | | | Bermuda, Cayman Islands, Guyana, US Virgin Islands | | | One Communications, Logic, Viya | | | Fixed Services | | | United States | | | Alaska Communications, Commnet, Choice, Choice NTUA Wireless, Sacred Wind Communications, Ethos Broadband, Deploycom | |
| | Carrier Services | | | Bermuda, Guyana, US Virgin Islands | | | One Communications, Viya, Essextel | | | Carrier Services | | | United States | | | Alaska Communications, Commnet, Sacred Wind Communications | |
| | Managed Services | | | Bermuda, Cayman Islands, US Virgin Islands, Guyana | | | One Communications, Logic, Viya, Brava | | | Managed Services | | | United States | | | Alaska Communications, Choice | |
Attention: Corporate Secretary
500 Cummings Center
Beverly, Massachusetts 01915
(978) 619-1300
Stock Depositary Shares
Debt Securities Warrants
Rights
Units
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SEC registration fee
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Accounting fees and expenses
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Legal fees and expenses
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Printing and miscellaneous expenses
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Total
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Exhibit
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Description
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| | 1.1* | | | Form of Underwriting Agreement | |
| | 4.1 | | | Restated Certificate of Incorporation of the Company (incorporated by reference to Exhibit 4.1 to the Company’s Registration Statement on Form S-8 (File No. 333-62416) filed on June 6, 2001) | |
| | 4.2 | | | Certificate of Amendment to the Restated Certificate of Incorporation of the Company, as filed with the Delaware Secretary of State on August 14, 2006 (incorporated by reference to Exhibit 3.2 to the Company’s Quarterly Report on Form 10-Q (File No. 001-12593) for the quarterly period ended June 30, 2006 filed on August 14, 2006) | |
| | 4.3 | | | Certificate of Amendment to the Company’s Restated Certificate of Incorporation, filed June 10, 2016 and effective June 21, 2016 (incorporated by reference to Exhibit 3.1 to the Company’s Periodic Report on Form 8-K (File No. 001-12593) filed on June 27, 2016) | |
| | 4.4 | | | Amended and Restated By-Laws, effective as of March 8, 2023 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 001-12593) filed on March 14, 2023) | |
| | 4.5* | | | Specimen Preferred Stock Certificate and Form of Certificate of Designations of Preferred Stock | |
| | 4.6* | | | Form of Common Stock Warrant Agreement and Warrant Certificate | |
| | 4.7* | | | Form of Preferred Stock Warrant Agreement and Warrant Certificate | |
| | 4.8* | | | Form of Depositary Share Warrant Agreement and Warrant Certificate | |
| | 4.9* | | | Form of Debt Securities Warrant Agreement and Warrant Certificate | |
| | 4.10 | | | Form of Senior Debt Indenture (incorporated by reference to Exhibit 4.8 to the Company’s Registration Statement on Form S-3 (File No. 333-133103) initially filed on April 7, 2006, subsequently amended and declared effective on June 2, 2006) | |
| | 4.11 | | | Form of Subordinated Debt Indenture (incorporated by reference to Exhibit 4.9 to the Company’s Registration Statement on Form S-3 (File No. 333-133103) initially filed on April 7, 2006, subsequently amended and declared effective on June 2, 2006) | |
| | 4.12* | | | Form of Deposit Agreement and Depositary Receipt | |
| | 4.13* | | | Form of Senior Note | |
| | 4.14* | | | Form of Subordinated Note | |
| | 4.15* | | | Form of Rights Agreement and Rights Certificate | |
| | 4.16* | | | Form of Unit Agreement | |
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Opinion of Morgan, Lewis & Bockius LLP
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Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm
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Consent of Morgan, Lewis & Bockius LLP (included in Exhibit 5.1)
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Power of Attorney (included on signature page)
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| | 25.1* | | | Statement of Eligibility of Trustee under the Senior Debt Indenture to be filed separately pursuant to Section 305(b)(2) of the Trust Indenture Act of 1939 | |
| | 25.2* | | | Statement of Eligibility of Trustee under the Subordinated Debt Indenture to be filed separately pursuant to Section 305(b)(2) of the Trust Indenture Act of 1939 | |
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Filing Fee Table
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Chief Executive Officer
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Signature
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Title
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/s/ Brad W. Martin
Brad W. Martin
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| | Director and Chief Executive Officer (Principal Executive Officer) | |
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/s/ Carlos Doglioli
Carlos Doglioli
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| | Chief Financial Officer (Principal Financial and Accounting Officer) | |
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/s/ Michael T. Prior
Michael T. Prior
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| | Executive Chairman | |
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/s/ Bernard J. Bulkin
Bernard J. Bulkin
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| | Director | |
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/s/ April V. Henry
April V. Henry
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| | Director | |
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/s/ Derek Hudson
Derek Hudson
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| | Director | |
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/s/ Patricia Jacobs
Patricia Jacobs
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| | Director | |
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/s/ Pamela Lenehan
Pamela Lenehan
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| | Director | |