Exhibit 10.7


 


Atlantic Acquisition Corp.


1250 Broadway, 36th Floor


New York, NY 10001


 


Ladies and Gentlemen:


 


Atlantic Acquisition Corp. (the “Company”),
a blank check company formed for the purpose of acquiring one or more businesses or entities (a “Business Combination”),
intends to register its securities under the Securities Act of 1933, as amended (“Securities Act”), in connection with
its initial public offering (“IPO”), pursuant to a registration statement on Form S-1 (“Registration Statement”).


 


The undersigned hereby commits that it will
purchase [·] units of the Company (“Private Units”), each Private Unit
consisting of one share of common stock of the Company, par value $0.0001 per share (the “Common Stock”), and one right
to receive one-tenth (1/10) of a share of Common Stock (each a “Right”), at $10.00 per Private Unit, for a purchase
price of $[·] (the “Private Unit Purchase Price”).


 


The undersigned hereby agrees that it will
purchase an additional amount of units of the Company (“Over-Allotment Units”), up to a maximum of [·]
Over-Allotment Units, or a maximum purchase price of $[·] (“Over-Allotment
Unit Purchase Price”, together with the Private Unit Purchase Price, the “Purchase Price”), in the event Chardan
Capital Markets LLC (“Chardan”) exercises its over-allotment option, such that the amount held in the trust account
(as described in the Registration Statement) does not fall below $10.20 per share for each share of Common Stock sold in the IPO.


 


At least twenty-four (24) hours prior to the
effective date of the Registration Statement, the undersigned will cause the Private Unit Purchase Price to be delivered to Loeb
& Loeb LLP (“Loeb”), counsel for the Company, by wire transfer as set forth in the instructions attached as Exhibit
A to hold in a non-interest bearing account until the Company consummates the IPO.  


 


The consummation of the purchase and issuance
of the Private Units shall occur simultaneously with the consummation of the IPO and the consummation of the purchase and issuance
of the Over-Allotment Units shall occur simultaneously with the closing of any exercise of the over-allotment option related to
the IPO. Simultaneously with the consummation of the IPO, Loeb shall deposit the Private Unit Purchase Price, without interest
or deduction, into the trust fund (“Trust Fund”) established by the Company for the benefit of the Company’s
public stockholders as described in the Registration Statement. If the Company does not complete the IPO within ten (10) days from
the date of this letter, the Purchase Price (without interest or deduction) will be returned to the undersigned.


 


Each of the Company, and the undersigned acknowledges
and agrees that Loeb is serving hereunder solely as a convenience to the parties to facilitate the purchase of the Private Units
and Loeb’s sole obligation under this letter agreement is to act with respect to holding and disbursing the Purchase Price
for the Private Units as described above. Loeb shall not be liable to the Company, Chardan or the undersigned or any other person
or entity in respect of any act or failure to act hereunder or otherwise in connection with performing its services hereunder unless
Loeb has acted in a manner constituting gross negligence or willful misconduct. The Company and the undersigned shall indemnify
Loeb against any claim made against it (including reasonable attorney’s fees) by reason of it acting or failing to act in
connection with this letter agreement except as a result of its gross negligence or willful misconduct. Loeb may rely and shall
be protected in acting or refraining from acting upon any written notice, instruction or request furnished to it hereunder and
believed by it to be genuine and to have been signed or presented by the proper party or parties.


 




    	 	 	 



     


    

 


The Private Units and Over-Allotment Units
will be identical to the units to be sold by the Company in the IPO. Additionally, the undersigned agrees:


 


		·	to vote the Common Stock included in the Private Units and Over-Allotment Units in favor of any proposed Business Combination;



 


		·	not to propose, or vote in favor of, an amendment to the Company’s Amended and Restated Certificate of Incorporation
that would affect the substance or timing of the Company’s obligation to redeem 100% of the Company’s shares of Common
Stock sold in the IPO if the Company does not complete an initial Business Combination within 18 months from the closing of the
IPO (or up to 24 months, as applicable), unless the Company provides the holders of shares of Common Stock sold in the IPO with
the opportunity to redeem their shares of Common Stock upon approval of any such amendment at a per-share price, payable in cash,
equal to the aggregate amount of the Trust Fund, including interest earned on Trust Fund and not previously released to the Company
to pay the Company’s franchise and income taxes, divided by the number of then outstanding shares of Common Stock sold in
the IPO;



 


		·	not to convert any Common Stock included in the Private Units and Over-Allotment Units into the right to receive cash from
the Trust Fund in connection with a shareholder vote to approve either a Business Combination or an amendment to the provisions
of the Company’s Amended and Restated Certificate of Incorporation, or to tender the Private Units and Over-Allotment Units
in connection with a tender offer conducted prior to the closing of a Business Combination;



 


		·	the undersigned will not participate in any liquidation distribution with respect to the Private Units and Over-Allotment Units
(but will participate in liquidation distributions with respect to any units or Common Stock purchased by the undersigned in the
IPO or in the open market) if the Company fails to consummate a Business Combination;



 


		·	that the Private Units, Over-Allotment Units and underlying securities will not be transferable until after the consummation
of a Business Combination except (i) to the Company’s pre-IPO stockholders, or to the Company’s officers, directors,
advisors and employees, (ii) transfers to the undersigned’s affiliates or its members upon its liquidation, (iii) to relatives
and trusts for estate planning purposes, (iv) by virtue of the laws of descent and distribution upon death, (v) pursuant to a qualified
domestic relations order, (vi) by private sales made in connection with the consummation of a Business Combination at prices no
greater than the price at which the Private Units were originally purchased or (vii) to the Company for cancellation in connection
with the consummation of a Business Combination, in each case (except for clause vii) where the transferee agrees to the terms
of the transfer restrictions; and



 




    	 	 	 



     


    

 


		·	the Private Units and Over-Allotment Units will include any additional terms or restrictions as is customary in other similarly
structured blank check company offerings or as may be reasonably required by the underwriters in the IPO in order to consummate
the IPO, each of which will be set forth in the Registration Statement.



 


The undersigned acknowledges and agrees that
the purchaser of the Private Units and Over-Allotment Units will execute agreements in form and substance typical for transactions
of this nature necessary to effectuate the foregoing agreements and obligations prior to the consummation of the IPO as are reasonably
acceptable to the undersigned, including but not limited to an insider letter.


 


The undersigned hereby represents and warrants
that:


 


		(a)	it has been advised that the Private Units and Over-Allotment Units have not been registered under the Securities Act;



 


		(b)	it will be acquiring the Private Units and Over-Allotment Units for its account for investment purposes only;



 


		(c)	it has no present intention of selling or otherwise disposing of the Private Units and Over-Allotment Units in violation of
the securities laws of the United States;



 


		(d)	it is an “accredited investor” as defined by Rule 501 of Regulation D promulgated under the Securities Act of 1933,
as amended;



 


		(e)	it has had both the opportunity to ask questions and receive answers from the officers and directors of the Company and all
persons acting on its behalf concerning the terms and conditions of the offer made hereunder;



 


		(f)	it is familiar with the proposed business, management, financial condition and affairs of the Company;



 


		(g)	it has full power, authority and legal capacity to execute and deliver this letter and any documents contemplated herein or
needed to consummate the transactions contemplated in this letter; and



 


		(h)	this letter constitutes its legal, valid and binding obligation, and is enforceable against it.



 


With respect to the Private Units purchased by Chardan or any other member of FINRA, the holder of such
Private Units agrees that, in accordance with FINRA Rule 5110(g)(1), it will not sell, transfer, assign, pledge or hypothecate
in whole or in part any Private Units, shares of Common Stock and rights underlying the Private Units, or shares of Common Stock
that are issuable pursuant to the rights included in the Private Units, or subject
any such securities to any hedging, short sale, derivative or put or call transaction that would result in the economic disposition
of such securities, for a lock-up period of 180 days following the effective date of the Registration Statement or the commencement
of sales in the IPO to anyone other than (i) an underwriter or a selected dealer participating in the IPO or (ii) any
successor, officer or partner of Chardan or of any such underwriter, selected dealer or successor. Additionally, certain registration
rights have been provided with respect to the Private Units purchased by Chardan and other holders, which registration rights will
at all times be in compliance with FINRA Rule 5110(f)(2)(G)(iii)-(v).


 




    	 	 	 



     


    

 


This letter agreement constitutes the entire
agreement between the undersigned and the Company with respect to the purchase of the Private Units and Over-Allotment Units, and
supersedes all prior and contemporaneous understandings, agreements, representations and warranties, both written and oral, with
respect to the same.


 


	 	Very truly yours,
	 	 
	 	[·]
	 	 
	 	 


 


Accepted and Agreed:


 


ATLANTIC ACQUISITION CORP.


 


	By: 	 	 
	 	Name: [·]	 
	 	Title:  [·]	 


 




    	 	 	 



     


    

 


Exhibit A


 


Wire Instructions


 


Bank Name: Citigroup Private Bank


Bank Address: 153 East 53rd Street, New York, NY 10022


Account Name: Loeb & Loeb LLP - Trust Account


Account Number: 24576266


Routing/ABA Number (Domestic Wires): 021000089


Swift Code (Foreign Wire): CITIUS33


Reference: 227006-10001