AtlasClear Holdings, Inc. (NYSE American: ATCH) disclosed in a recent SEC filing that Robert McBey has resigned from his position as a director of the company, effective January 3, 2025.
The announcement comes as the company's stock trades at $7.90, down significantly from its 52-week high of $615.60. According to the filing, McBey's departure from the board is not due to any disagreements with the company regarding its operations, policies, or practices.
The announcement, made public on Friday, January 10, 2025, comes without any further explanation for the resignation. McBey's exit does not seem to be linked to any internal disputes or controversies based on the information provided in the document. InvestingPro data shows the company currently maintains a WEAK financial health score of 0.42, with detailed analysis available to subscribers.
AtlasClear Holdings, which operates under the financial services industry with a standard industrial classification code of 6199, is incorporated in Delaware and has its principal executive offices located in Tampa, Florida. With a market capitalization of just $1.85 million and a P/E ratio of 3.05, the company presents unique valuation metrics.
The company, formerly known as Calculator New Pubco, Inc., underwent a name change on January 20, 2023, and maintains a fiscal year-end of June 30. Get comprehensive financial analysis and more insights with InvestingPro.
The company's common stock is listed on the NYSE American LLC under the trading symbol ATCH, with analysts forecasting EPS of $47.58 for FY2025. As an emerging growth company, AtlasClear Holdings has the option, which it has not exercised, to comply with extended transition periods for complying with new or revised financial accounting standards.
The agreement includes the sale of up to 333,333 shares of AtlasClear's common stock and a convertible promissory note with a principal amount of up to $40 million. AtlasClear has also disclosed an amendment to its agreement with Funicular, extending the maturity date of a $6 million secured note.
AtlasClear recently underwent significant leadership changes, with the departure of its CFO, Richard Barber, and CEO, Robert McBey. Jeff Sime was appointed as the new CEO of its wholly owned subsidiary, Wilson-Davis Co., Inc.
The company has also made amendments to its bylaws, specifically altering the quorum requirement for stockholder meetings from a majority to 33.3% of the voting power of outstanding shares.
The company has settled claims with Quantum (NASDAQ:QMCO) Ventures LLC and Chardan Capital Markets, LLC, involving a new $5,209,764 non-interest-bearing convertible note. AtlasClear also reported a change in its fiscal year-end from December 31 to June 30 and established an at-the-market equity line of credit with Tau Investment Partners LLC. Despite current market challenges, analysts forecast an EPS of $47.58 for FY2025.
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