Core Viewpoint - AtlasClear Holdings, Inc. has announced a $20,000,000 financing deal, which includes a reinvestment led by Funicular Funds, LP and participation from Sixth Borough Capital, aimed at accelerating its business model and expanding revenue streams [2][4]. Financing Details - The financing consists of a rollover of $4,250,000 from recent debt financing, resulting in gross proceeds of $15,750,000 after accounting for placement agent fees and other transaction expenses [2][6]. - The investment includes $10,000,000 in convertible debt with a 5-year term at an 11% coupon and a conversion price of $0.75, and $10,000,000 in units sold at $0.60 per unit, which include one share of common stock and one warrant with a strike price of $0.75 [6]. Business Expansion Plans - The capital raised will enable the company to increase its staff, enhance its capabilities, and deploy various technologies to create competitive advantages [3][4]. - The company aims to onboard new correspondents and expand into additional lines of revenue as part of its growth strategy [2][4]. Company Overview - AtlasClear Holdings is focused on building a technology-enabled financial services platform to modernize trading, clearing, settlement, and banking for small- and middle-market financial institutions [4]. - The company combines industry expertise with established infrastructure through its subsidiary, Wilson-Davis & Co., Inc., and plans to acquire Commercial Bancorp of Wyoming, enhancing its service offerings [4]. Leadership and Expertise - The leadership team of AtlasClear includes industry veterans with experience in founding and leading notable companies in the financial services sector, positioning the company for future growth [4].
AtlasClear Holdings Announces $20,000,000 Financing