The information in this prospectus is not complete and may be changed. These securities
may not be sold until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities nor is it soliciting offers to buy these securities in any jurisdiction where
the offer or sale is not permitted.
SUBJECT TO COMPLETION, DATED MARCH 14, 2023
PROSPECTUS
2,190,476 SHARES OF COMMON STOCK
This prospectus relates to the resale, from time to time, of up to an aggregate of 2,190,476 shares of common stock, par value $0.30 per share (common
stock), of Team, Inc. by the selling securityholders named in this prospectus, including their transferees, assignees or other successors-in-interest. The
2,190,476 shares of common stock (when adjusted for the one-for-ten reverse stock split effected by our board of directors (the Board) on December 21,
2022 (the Reverse Stock Split)) being registered includes (A) 1,000,000 shares of common stock (when adjusted for the Reverse Stock Split) underlying warrants that we issued in certain private placements at an exercise price of $15.00
per share on December 21, 2022, including (i) 500,000 shares of common stock (when adjusted for the Reverse Stock Split) underlying a warrant issued in connection with that certain Term Loan Credit Agreement, dated December 18, 2020 (the
Term Loan Credit Agreement, and as amended on October 19, 2021, October 29, 2021, November 9, 2021, December 2, 2021, December 7, 2021, February 11, 2022, May 6, 2022, November 1, 2022 and
November 4, 2022, the Amended Term Loan Credit Agreement) that we entered into with Atlantic Park Strategic Capital Fund, L.P., as agent, and APSC Holdco I, L.P., as lender (collectively, Atlantic Park) and (ii) 500,000
shares of common stock (when adjusted for the Reverse Stock Split) underlying warrants issued in connection with that certain Subordinated Term Loan Agreement, dated November 9, 2021 (the Subordinated Term Loan, and as amended on
November 30, 2021, December 6, 2021, December 7, 2021, December 8, 2021, February 11, 2022, May 6, 2022, June 28, 2022, October 4, 2022, November 1, 2022, November 4, 2022 and November 21, 2022,
the Amended Subordinated Term Loan), that we entered into initially with Corre Credit Fund, LLC (together with its affiliates, Corre), as agent (as subsequently succeeded by Cantor Fitzgerald Securities, as agent, the
Corre Agent), and Corre and the lenders from time to time party thereto, and (B) 1,190,476 shares of common stock (when adjusted for the Reverse Stock Split) (the PIPE Shares) issued pursuant to that certain Subscription
Agreement, dated February 11, 2022 (the Subscription Agreement), that we entered into with Corre Opportunities Qualified Master Fund, LP, Corre Horizon Fund, LP and Corre Horizon II Fund, LP (collectively, the Corre
Holders).
We are not selling any shares of our common stock under this prospectus and will not receive any proceeds from sales of the shares offered
by the selling securityholders, although we will incur expenses in connection with the offering. The registration of the resale of the shares of common stock covered by this prospectus does not necessarily mean that any of the shares will be offered
or sold by the selling securityholders. The timing and amount of any sales are within the sole discretion of the selling securityholders.
The shares of
common stock offered under this prospectus may be sold by the selling securityholders through public or private transactions, on or off the New York Stock Exchange (the NYSE), at prevailing market prices or at privately negotiated
prices. For more information on the times and manner in which the selling securityholders may sell the shares of common stock under this prospectus, please see the section entitled Plan of Distribution, beginning on page 25 of this
prospectus.
Our common stock is traded on NYSE under the symbol TISI.
INVESTING IN OUR COMMON STOCK INVOLVES A HIGH DEGREE OF RISK. YOU SHOULD CAREFULLY REVIEW THE RISKS AND UNCERTAINTIES REFERENCED UNDER THE HEADING RISK
FACTORS ON PAGE 6 OF THIS PROSPECTUS AS WELL AS THOSE IN ANY SIMILAR SECTION CONTAINED IN THE APPLICABLE PROSPECTUS SUPPLEMENT, AND IN THE OTHER DOCUMENTS THAT ARE INCORPORATED BY REFERENCE INTO THIS PROSPECTUS OR THE APPLICABLE PROSPECTUS SUPPLEMENT.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined
whether this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
The date of
this prospectus is , 2023