Shareholders of Quantum (NASDAQ:QMCO) FinTech Acquisition Corporation (NYSE:QFTA) have approved a merger with AtlasClear, Inc., a company led by industry veterans from Penson Clearing, Southwest Securities, NexTrade, and Anderen Bank. The merger was confirmed on Friday. The combined entity, which aims to be listed on the NYSE American under the ticker symbol "ATCH", is set to become a tech-enabled financial services firm.
The merger's completion is contingent on several conditions being met, including successful listing approval for the new entity's common stock. Quantum's shareholders are set to redeem shares at approximately $10.73 each, amounting to a total of $53.1 million.
The new enterprise plans to leverage advanced financial technologies and will feature a diverse exchange platform for various financial products. Additionally, it will offer comprehensive prime brokerage and banking services, following the acquisition of Commercial Bancorp of Wyoming.
Furthermore, the combined entity aims to provide a fixed income risk management platform. This ambition has been touted as a potential game-changer for the trading, clearing, and settling of innovative financial products geared towards small and middle-market firms.
Robert McBey of Wilson Davis & Co., a broker-dealer registered with the SEC, Financial Industry Regulatory Authority, and Securities Investor Protection Organization, has praised AtlasClear's potential. He is associated with this transaction and has expressed optimism about the future operations and financial performance of AtlasClear and Quantum.
As part of a definitive business combination agreement, the new company will acquire Atlas (NYSE:ATCO) FinTech Holdings Corp and a correspondent clearing broker-dealer. This move is part of its strategy to become a Federal Reserve Member.
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