AtlasClear Holdings, Inc. (“AtlasClear Holdings”) (NYSE: ATCH)
announced their financial results for the quarter ended September
30th, 2024, on Friday, November 15th, after market close. The
company reports on a fiscal year end of June 30th.
“We are excited with the release of our September 30th quarterly
numbers. They represent our on-going improvement in core
operations. The numbers reflect continuous quarterly growth and a
significant increase in net income on a standalone basis for
Wilson-Davis. Business lines are expanding including our investment
banking business and we believe we have a bright future in front of
us,” said CEO, Robert McBey.
“In addition to our focus on expanding the business at
Wilson-Davis, we currently are working on a number of potential
long-term capital solutions being mindful of our desire to limit
shareholder dilution. We anticipate starting the formal filing
process with the Federal Reserve for the proposed acquisition of
Commercial Bancorp in early 2025. Finally, given the recent results
in the US Presidential elections, we have been crafting our digital
asset strategy which we are excited to initiate given the
anticipated changing regulatory environment and our advantageous
licensing structure,” said President, Craig 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 the Financial Technology
The nature of the combined entity is expected to be supported by
robust, proven, financial technologies with a full suite that will
enable the flow of business and success of the enterprise. The
combined entity is expected to have a full exchange platform for a
spectrum of financial products. In addition, the combined entity is
expected to have a full prime brokerage and, following the
completion of the proposed acquisition of Commercial Bancorp of
Wyoming (“Commercial Bancorp”), a prime banking platform with
complete front-end delivery. The enterprise is anticipated to offer
a fixed income risk management platform which can be expanded to a
diverse application on financial products.
About Wilson-Davis & Co., Inc.
Wilson-Davis & Co. Inc. (“Wilson-Davis”) is a full-service
correspondent securities broker-dealer. The company is registered
with the Securities and Exchange Commission (“SEC”), the Financial
Industry Regulatory Authority and the Securities Investor
Protection Organization. In addition, Wilson-Davis is a member of
DTCC as well as the National Securities Clearing Corporation.
Headquartered in Salt Lake City, Utah and Dallas, Texas.
Wilson-Davis has been servicing the investment community since
1968, with satellite offices in California, Arizona, Colorado, New
York, New Jersey and Florida.
About Commercial Bancorp of Wyoming
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 Pine Bluffs, WY since 1915.
It has focused the majority of its services on private and
corporate banking. A member of the Federal Reserve, FSB is expected
to be a strategic asset for AtlasClear Holdings’ long-term business
model.
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) AtlasClear Holdings’ expectations as to operational
results, (ii) AtlasClear Holdings’ expectations regarding timing to
file its transition report, (iii ) AtlasClear Holdings’
expectations regarding the benefits of the new board appointment
(iv) AtlasClear’s 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: AtlasClear’s
inability to successfully integrate, and/or realize the anticipated
benefits of, the acquisition of Wilson-Davis and the technology
acquired from Pacsquare Technologies LLC (the "Transaction");
failure to recognize the anticipated benefits of the Transaction,
which may be affected by, among other things, competition, the
ability of AtlasClear Holdings to maintain relationships with
customers and suppliers and strategic alliance third parties, and
to retain its management and key employees; AtlasClear Holdings’
inability to integrate, and to realize the benefits of, the
Transaction and other potential acquisitions; changes in general
economic or political conditions; changes in the markets that
AtlasClear Holdings targets; slowdowns in securities or
cryptocurrency trading or shifting demand for trading, clearing and
settling financial products; any change in laws applicable to
AtlasClear Holdings or any regulatory or judicial interpretation
thereof; factors that may cause a delay in timely filing the
transition report described herein; the risk that additional or
different information may become known prior to the expected filing
of the transition report, and other factors, risks and
uncertainties, including those that were included under the heading
"Risk Factors" in AtlasClear Holdings’ Annual Report on Form 10-K
filed with the Securities and Exchange Commission on April 16, 2024
and its subsequent filings with the SEC. AtlasClear Holdings
cautions that the foregoing list of factors is not exhaustive. Any
forward-looking statement made in this communication speaks only as
of the date hereof. Plans, intentions or expectations disclosed in
forward-looking statements may not be achieved and no one should
place undue reliance on such forward-looking statements. AtlasClear
Holdings does not undertake any obligation to update, revise or
review any forward-looking statement, whether as a result of new
information, future developments or otherwise, except as may be
required by any applicable securities laws.
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