Core Viewpoint - AtlasClear Holdings, Inc. has successfully closed a $20 million financing round, which includes convertible debt and equity units, aimed at accelerating its growth strategy and expanding its operations [1][4]. Financing Details - The financing consists of $10 million in convertible debt with a 5-year term at an 11% coupon and a conversion price of $0.75 per share [2]. - An additional $10 million was raised through units sold at $0.60 per unit, with each unit comprising one share of common stock and one warrant [2]. - After accounting for the rollover of recent debt financing, the transaction yielded gross cash proceeds of $15.75 million, excluding placement agent fees and other transaction expenses [3]. Strategic Implications - The capital raised will enable the company to onboard new correspondents and expand into additional revenue lines, enhancing its operational capabilities [4]. - The financing is viewed as a strong vote of confidence from existing investors, which will support the company's growth strategy and technological advancements [4]. Company Overview - AtlasClear Holdings is focused on modernizing financial services through a technology-enabled platform, targeting small- and middle-market financial institutions [6]. - The company combines its expertise with established infrastructure, including Wilson-Davis & Co., Inc., a full-service correspondent securities broker-dealer, and plans to acquire Commercial Bancorp of Wyoming [6]. - The leadership team comprises industry veterans with extensive experience in financial services, positioning AtlasClear to deliver a comprehensive suite of brokerage, clearing, risk management, and banking solutions [6].
AtlasClear Holdings Closes $20,000,000 Financing Investment Led by Funicular Funds, LP with Insider Participation from Sixth Borough Capital