By Kathryn Hardison
Quantum FinTech Acquisition Corp., a special-purpose acquisition company, plans to acquire AtlasClear Inc.
The companies said Wednesday that AtlasClear will operate through an acquisition of technology assets from Atlas Fintech Holdings Corp., combined with the acquisition of correspondent clearing broker dealer, Wilson Davis & Co.
The combined company will operate as AtlasClear Inc., and its stock is expected to be listed on the New York Stock Exchange under the ticker ATCL. AtlasClear plans to create a technology-enabled financial services firm that offers a platform for trading, clearing and banking.
AtlasClear’s board and stockholders have approved the business combination. Quantum FinTech’s board has also approved the pending deal, but the transaction will require the approval from stockholders.
AtlasClear also plans to acquire Federal Reserve member Commercial Bancorp of Wyoming, it said. The deal is expected to close in the second or third quarter of next year, subject to regulatory approvals.
The companies said synergies between the Federal Reserve member and the clearing company are expected to allow for lower cost of capital, higher net interest margins, expanded product development and greater credit extension.
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