AtlasClear Holdings (ATCH) has released an update.
AtlasClear and the Company modified their Broker-Dealer Acquisition Agreement with two key amendments, slashing the total purchase price by $5 million and adjusting the closing cash payment to $8 million. The remainder will be covered by convertible promissory notes to the Wilson-Davis Sellers, with short-term notes due in 90 days and long-term notes in 24 months, featuring various interest rates and conversion options. Additionally, the Company guaranteed these obligations and agreed to register the resale of shares from the notes conversion, seeking stockholder approval if necessary. Quantum Ventures LLC also agreed to transfer a portion of Founder Shares to the Wilson-Davis Sellers. These changes were part of a strategic move to finalize the acquisition and streamline the payment process, offering a mix of cash and convertible securities to manage immediate financial outlay and align long-term interests.
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