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 Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term 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 Settlement Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Read this Term, 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.”