Aterian announces change in control, board appointment, and CVR payment

Aterian, Inc. (NASDAQ: ATER) has announced significant changes in control, board appointments, and a contingent value rights (CVR) payment. On September 25, David E. Lazar sold his interests in $12 million worth of preferred shares, reducing his ownership from a controlling stake to about 3.1%. Avraham Ben-Tzvi resigned from the board and all committees, while William H. Crampton was appointed as a new board member and member of the Audit and Compensation Committees.

Aterian also granted Crampton an initial restricted stock award of 301,205 shares and agreed to a $150,000 retention bonus for Lazar. The contingent value rights agreement will result in a cash payment of approximately $0.9936 per CVR holder on October 2. Despite facing challenging financial conditions, Aterian reported $68.85 million in revenue over the past year with a 35% growth rate.

The company holds more cash than debt and maintains a WEAK overall financial health score. Aterian is scheduled to hold a Special Meeting of Stockholders to discuss proposals such as an $18 million asset sale and a $7 million financing transaction.