AtlasClear and Quantum FinTech Acquisition today announced that they have agreed to waive the $40 million minimum cash condition required to close their business combination.
“We believe in the future of AtlasClear and in the strength of the proposed business combination,” said Craig Ridenhour, Chief Business Development Officer of AtlasClear. “This mutual decision improves the certainty of the merger closing and is reflective of our confidence in the long-term growth potential of the business.”
A Nov. 3 meeting is scheduled for Quantum Fintech shareholders to vote on the deal. The SPAC in August secured an NRA covering nearly 2.4 million shares.
If approved, upon closing the combined company is expected to list on the NYSE American with stock trading under the new ticker symbol ATCH.
AtlasClear provides specialized banking and clearing services to other financial services firms, with an emphasis on global markets currently underserviced by larger vendors.
AtlasClear also plans to acquire Wilson-Davis & Co., a correspondent clearing broker-dealer. Additionally, AtlasClear has entered into a definitive agreement to acquire Commercial Bancorp of Wyoming, a federal reserve member, following completion of the pending mergers.
AtlasClear’s goal is to build a technology-enabled financial services firm that would create a more efficient platform for trading, clearing, settlement and banking of evolving and innovative financial products with a focus on the small and middle market financial services firms.
Tampa-based Quantum Fintech raised $175 million in a February 2021 IPO. Read more.
