AtlasClear Holdings, Inc. Announces Agreement for an Investment of up to $45 million in its Company
“We are very excited about this partnership and the investment being made into AtlasClear Holdings by Hanire. This is the culmination of a relationship between Management of the Company and the Principals of Hanire that we have been developing over the course of many years. The investment is expected to allow AtlasClear Holdings to accomplish a number of our priorities, and we believe it is a real turning point for our Company. For Hanire, AtlasClear Holdings provides an expanding platform that will assist it with its brokerage and investment banking businesses while creating cost efficiencies and enhanced revenue opportunities for both parties. This is an exciting and synergistic deal,” said Craig Ridenhour, President, AtlasClear Holdings.
The agreements signed with Hanire provide for an up-to-
The Company believes the investment will allow AtlasClear Holdings to achieve a number of strategic goals, including:
- Allow for the restructuring of the current debt structure of the Company with better terms and less dilution to existing stockholders
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Increase the capital base at its wholly-owned subsidiary, Wilson-Davis & Co., Inc. (“Wilson-Davis”), thereby allowing
Wilson -Davis to expand its correspondent clearing business and accelerate additional business lines. -
Allow the Company to move forward with the formal filings with the Federal Reserve for the proposed acquisition of Commercial Bancorp of
Wyoming while providing additional capital for the bank upon a potential approval. - Provide capital for targeted, accretive acquisitions.
“We believe this is a tremendous day for our Company and our stockholders. It’s a thoughtfully structured deal that we believe delivers more capital into the Company as we restructure our debt, hope to achieve profitability, and deliver the capital needed for our proposed bank acquisition upon approval. In full, we believe this investment will solidify our capital foundation, reduce potential dilution, and position our Company to maximize our long-term stockholder value. We took great care to find the right investment partner to help us grow,” said Mr. Ridenhour.
About AtlasClear Holdings, Inc.
AtlasClear Holdings plans to build a cutting-edge 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. The strategic goal of AtlasClear Holdings is to have a fully vertically integrated suite of cloud-based products including account opening, trade execution, risk management, regulatory reporting and settlement. The team that leads AtlasClear Holdings consists of respected financial services industry veterans that have founded and led other companies in the industry including Penson Clearing, Southwest Securities, NexTrade, Symbiont, and Anderen Bank.
About
About Commercial Bancorp of
Commercial Bancorp is a bank holding company operating through its wholly-owned subsidiary, Farmers State Bank (“FSB”) and has been servicing the local community in
Cautionary Statements Regarding Forward-Looking Statements
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that reflect AtlasClear Holdings’ current views with respect to, among other things, the future operations and financial performance of AtlasClear Holdings. Forward-looking statements in this communication may be identified by the use of words such as "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "foreseeable," "future," "intend," "may," "outlook," "plan," "potential," "proposed," "predict," "project," "seek," "should," "target," "trends," "will," "would" and similar terms and phrases. Forward-looking statements contained in this communication include, but are not limited to, statements as to (i) the closing of all or any portion of the investment from Hanire, (ii) AtlasClear Holdings’ expectations regarding the benefits of the investment from Hanire, including its ability to allow AtlasClear Holdings to accomplish a number of its strategic goals, achieve profitability, deliver the capital needed for its proposed bank acquisition upon approval, solidify its capital foundation, reduce potential dilution, and position the Company to maximize long-term stockholder value, (iii) AtlasClear Holdings’ expectations as to future operational results, (v) AtlasClear Holdings’ anticipated growth strategy, including expected acquisitions, and (v) the financial technology of AtlasClear Holdings.
The forward-looking statements contained in this communication are based on the current expectations of AtlasClear Holdings and its management and are subject to risks and uncertainties. No assurance can be given that future developments affecting AtlasClear Holdings will be those that are anticipated. Actual results may differ materially from current expectations due to changes in global, regional or local economic, business, competitive, market, regulatory and other factors, many of which are beyond the control of AtlasClear Holdings. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Factors that could cause actual results to differ may emerge from time to time, and it is not possible to predict all of them.
Such factors include, but are not limited to: any failure by Hanire to deliver the tranches of capital on the anticipated schedule, or at all; any failure by the Company to meet the milestones required to receive the tranches of capital on a timely basis, or at all; failure of the Company to realize the anticipated benefits of the investment of capital, such as achieving profitability, delivering the capital needed for its proposed bank acquisition upon approval, solidifying its capital foundation, reducing potential dilution, and positioning the Company to maximize long-term stockholder value; failure by AtlasClear Holdings to satisfy the closing conditions to any of the tranches of capital, including receipt of stockholder approval; AtlasClear’s inability to successfully integrate, and/or realize the anticipated benefits of, the acquisition of
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Source: AtlasClear