Quantum FinTech Acquisition Corporation, a special purpose acquisition company listed on the New York Stock Exchange (NYSE) under the symbol QFTA, has received approval from its stockholders for a proposed business combination with AtlasClear, Inc. This decision was made at a meeting held on November 3, 2023.

The merger is expected to be finalized as soon as the remaining closing conditions, as outlined in the proxy statement for the special meeting, are met. One critical condition is the approval of the common stock of the new company for listing on the NYSE. Following the successful merger, the common stock of the new entity will be traded on the exchange under the symbol "ATCH".

Quantum's Shareholders to Receive $10.73 per Share

During the meeting, Quantum's stockholders, holding 4,953,369 out of a possible 5,050,384 shares, opted to redeem their shares for a proportional amount held in Quantum. Preliminary calculations suggest that around $53.1 million, equivalent to approximately $10.73 per public share, will be utilized to pay such stockholders.

According to the official statement, the combined entity will have a full exchange platform for a wide range of financial products, along with a prime brokerage. Following the acquisition of Commercial Bancorp of Wyoming, it will also possess a prime banking platform. Additionally, the enterprise plans to introduce a fixed-income risk management platform.

AtlasClear Sets Its Sights on New Opportunities

Last year, AtlasClear, Quantum FinTech Acquisition Corporation, and Atlas FinTech Holdings Corp. announced a business combination agreement. This alliance will enable AtlasClear to develop a technology-driven financial platform designed to revolutionize the trading, clearing, settlement , and banking of financial products, with a strong emphasis on small and middle-market financial services firms.

Robert McBey, the CEO of Wilson Davis & Co, mentioned: “AtlasClear is expected to possess best-in-class fintech capabilities for its target marketplace in trading, clearing, and settling financial products. With the proposed acquisitions of a correspondent clearing broker-dealer and a Federal Reserve Member, we believe AtlasClear will be well positioned to execute its strategy to service small and mid-sized financial services firms.”