AtlasClear, Inc. (“AtlasClear”) and Quantum FinTech Acquisition
Corporation (“Quantum”) (NYSE: QFTA), a publicly traded special
purpose acquisition company, today announced the filing on May 4,
2023 with the U.S. Securities and Exchange Commission (the “SEC”)
of a registration statement on Form S-4 by Calculator New Pubco,
Inc. (“New Pubco”) (to be renamed AtlasClear Holdings, Inc.
(“AtlasClear Holdings”)) in relation to its previously announced
business combination.
In November 2022, Quantum entered into a definitive business
combination agreement that is expected to result in Atlas FinTech
Holdings Corp. transferring its trading technology assets to
AtlasClear and the acquisition by AtlasClear of Wilson Davis &
Co., Inc., a correspondent clearing broker-dealer (“Wilson-Davis”),
pending required regulatory approvals. AtlasClear has also entered
into a definitive agreement to acquire Commercial Bancorp of
Wyoming, a federal reserve member (“Commercial Bancorp”), following
consummation of the initial business combination, which is expected
to close in the second or third quarter of 2023, pending required
regulatory approvals.
About AtlasClear Holdings
AtlasClear Holdings plans to build a cutting-edge technology
enabled financial services firm that would create a more efficient
platform for trading, clearing, settlement and banking of evolving
and innovative financial products with a focus on the small and
middle market financial services firms. The team that will lead
AtlasClear Holdings consists of respected financial services
industry veterans that have founded and led other companies in the
industry including Penson Clearing, Southwest Securities, NexTrade
and Anderen Bank.
The nature of the combined entity is expected to be supported by
robust, proven, financial technologies with a full suite that will
enable the flow of business and success of the enterprise. The
combined entity is expected to have a full exchange platform for a
spectrum of financial products. In addition, the combined entity is
expected to have a full prime brokerage and, following the
Commercial Bancorp acquisition, a prime banking platform with
complete front-end delivery. The enterprise is anticipated to offer
a fixed income risk management platform which can be expanded to a
diverse application on financial products.
The combined entity is expected to be run by a new digital suite
of technologies that will be part of the transaction at
closing.
About Quantum FinTech Acquisition Corporation
Quantum FinTech Acquisition Corporation is a blank check
company, also commonly referred to as a special purpose acquisition
company, or SPAC, that was formed for the purpose of entering into
a merger, share exchange, asset acquisition, stock purchase,
recapitalization, reorganization or other similar business
combination with one or more businesses, with a principal focus on
identifying high-growth financial services and fintech businesses
as targets.
About Wilson-Davis & Co., Inc.
Wilson-Davis is a full-service correspondent securities
broker-dealer. The company is registered with the SEC, the
Financial Industry Regulatory Authority and the Securities Investor
Protection Organization. In addition, Wilson-Davis is a member of
DTCC as well as the National Securities Clearing Corporation.
Headquartered in Salt Lake City, Utah and Dallas, Texas.
Wilson-Davis has been servicing the investment community since
1968, with satellite offices in California, Arizona, Colorado, New
York, New Jersey and Florida.
About Commercial Bancorp of Wyoming
Commercial Bancorp is a bank holding company operating through
its wholly-owned subsidiary, Farmers State Bank (“FSB”) and has
been servicing the local community in Pine Bluffs, WY since 1915.
It has focused the majority of its services on private and
corporate banking. A member of the Federal Reserve, FSB is expected
to be a strategic asset for the combined company’s long-term
business model.
Additional Information and Where to Find It
In connection with the proposed business combination and related
transactions contemplated in connection therewith (the “Proposed
Transaction”), New Pubco has publicly filed with the SEC a
registration statement on Form S-4 containing a preliminary proxy
statement of Quantum and prospectus of New Pubco, and after the
registration statement is declared effective, Quantum will mail a
definitive proxy statement/prospectus relating to the Proposed
Transaction to its stockholders. This press release does not
contain any information that should be considered by Quantum’s
stockholders concerning the Proposed Transaction and is not
intended to constitute the basis of any voting or investment
decision in respect of the Proposed Transaction or the securities
of New Pubco. Quantum’s stockholders and other interested persons
are advised to read the preliminary proxy statement/prospectus and
the amendments thereto and, when available, the definitive proxy
statement/prospectus and other documents filed in connection with
the Proposed Transaction, as these materials will contain important
information about New Pubco, Quantum, AtlasClear, WDCO, Commercial
Bancorp and its subsidiary bank, FSB, and the Proposed Transaction.
When available, the definitive proxy statement/prospectus will be
mailed to stockholders of Quantum as of a record date to be
established for voting on the Proposed Transaction. Stockholders
will also be able to obtain copies of the preliminary proxy
statement/prospectus, the definitive proxy statement/ prospectus
and other documents filed with the SEC, without charge, once
available, at the SEC’s website at www.sec.gov, or by directing a
request to: Quantum FinTech Acquisition Corporation, 4221 W Boy
Scout Blvd., Suite 300, Tampa, FL 33607, Attention: Investor
Relations or by email at atlasclearir@icrinc.com.
No Offer or Solicitation
This press release shall not constitute a “solicitation” as
defined in Section 14 of the Securities Exchange Act of 1934, as
amended. This press release does not constitute an offer, or a
solicitation of an offer, to buy or sell any securities, investment
or other specific product, or a solicitation of any vote or
approval, nor shall there be any offer, solicitation or sale of
securities, investment or other specific product in any
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. No offer of securities
shall be made except by means of a prospectus meeting the
requirements of Section 10 of the Securities Act of 1933, as
amended, or an exemption therefrom.
Participants in Solicitation
Quantum, AtlasClear and their respective directors and executive
officers may be deemed participants in the solicitation of proxies
from Quantum stockholders with respect to the Proposed Transaction.
Quantum stockholders and other interested persons may obtain,
without charge, more detailed information regarding the directors
and officers of Quantum in its Annual Report on Form 10-K, filed
with the SEC on March 31, 2023 (the “2022 Form 10-K”), which is
available free of charge at the SEC’s website at www.sec.gov.
Information regarding the persons who may, under SEC rules, be
deemed participants in the solicitation of proxies to Quantum
stockholders in connection with the Proposed Transaction and other
matters to be voted upon at Quantum’s special meeting of
stockholders will be set forth in the proxy statement/prospectus
for the Proposed Transaction when available. Additional information
regarding the interests of the participants in the solicitation of
proxies from Quantum’s stockholders with respect to the Proposed
Transaction will be contained in the proxy statement/prospectus for
the Proposed Transaction when available.
Cautionary Statement Regarding Forward-Looking
Statements
This communication contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, as amended, that reflect AtlasClear’s and Quantum’s current
views with respect to, among other things, the future operations
and financial performance of AtlasClear, Quantum and the combined
company. Forward-looking statements in this communication may be
identified by the use of words such as “anticipate,” “assume,”
“believe,” “continue,” “could,” “estimate,” “expect,”
“foreseeable,” “future,” “intend,” “may,” “outlook,” “plan,”
“potential,” “proposed” “predict,” “project,” “seek,” “should,”
“target,” “trends,” “will,” “would” and similar terms and phrases.
Forward-looking statements contained in this communication include,
but are not limited to, statements as to (i) expectations regarding
the Proposed Transaction, including timing for its consummation,
(ii) anticipated use of proceeds from the transaction, (iii)
AtlasClear and Quantum’s expectations as to various operational
results and market conditions, (iv) AtlasClear’s anticipated growth
strategy, including the proposed acquisitions, (v) anticipated
benefits of the Proposed Transaction and proposed acquisitions,
(vi) the financial technology of the combined entity, and (vii)
expected listing of the combined company.
The forward-looking statements contained in this communication
are based on the current expectations of AtlasClear, Quantum and
their respective management and are subject to risks and
uncertainties. No assurance can be given that future developments
affecting AtlasClear, Quantum or the combined company will be those
that are anticipated. Actual results may differ materially from
current expectations due to changes in global, regional or local
economic, business, competitive, market, regulatory and other
factors, many of which are beyond the control of AtlasClear and
Quantum. Should one or more of these risks or uncertainties
materialize, or should any of the assumptions prove incorrect,
actual results may vary in material respects from those projected
in these forward-looking statements. Factors that could cause
actual results to differ may emerge from time to time, and it is
not possible to predict all of them.
Such factors include, but are not limited to: the risk that the
transaction may not be completed in a timely manner or at all; the
risk that the transaction closes but AtlasClear’s acquisition of
Commercial Bancorp and its subsidiary bank, FSB, does not close as
a result of the failure to satisfy the conditions to closing such
acquisition (including, without limitation, the receipt of approval
of Commercial Bancorp’s stockholders and receipt of required
regulatory approvals); the failure to obtain requisite approval for
the transaction or meet other closing conditions; the occurrence of
any event, change or other circumstances that could give rise to
the termination of the definitive agreement in respect of the
transaction; failure to achieve sufficient cash available (taking
into account all available financing sources) following any
redemptions of Quantum’s public stockholders; failure to obtain the
requisite approval of Quantum’s stockholders; failure to meet
relevant listing standards in connection with the consummation of
the transaction; failure to recognize the anticipated benefits of
the transaction, which may be affected by, among other things,
competition, the ability of the combined entity to maintain
relationships with customers and suppliers and strategic alliance
third parties, and to retain its management and key employees;
potential litigation relating to the proposed transaction; changes
to the proposed structure of the transaction that may be required
or appropriate as a result of the announcement and execution of the
transaction; unexpected costs and expenses related to the
transaction; estimates of AtlasClear and the combined company’s
financial performance being materially incorrect predictions;
AtlasClear’s failure to complete the proposed acquisitions on
favorable terms to AtlasClear or at all; AtlasClear’s inability to
integrate, and to realize the benefits of, the proposed
acquisitions; changes in general economic or political conditions;
changes in the markets that AtlasClear targets or the combined
company will target; slowdowns in securities or cryptocurrency
trading or shifting demand for trading, clearing and settling
financial products; the impact of the ongoing COVID-19 pandemic;
any change in laws applicable to Quantum or AtlasClear or any
regulatory or judicial interpretation thereof; and other factors,
risks and uncertainties, including those to be included under the
heading “Risk Factors” in the proxy statement/prospectus filed or
to be later filed with the SEC, and those included under the
heading “Risk Factors” in Quantum’s 2022 Form 10-K and its
subsequent filings with the SEC. AtlasClear and Quantum caution
that the foregoing list of factors is not exhaustive. Any
forward-looking statement made in this communication speaks only as
of the date hereof. Plans, intentions or expectations disclosed in
forward-looking statements may not be achieved and no one should
place undue reliance on such forward-looking statements. Neither
AtlasClear nor Quantum undertake any obligation to update, revise
or review any forward-looking statement, whether as a result of new
information, future developments or otherwise, except as may be
required by any applicable securities laws.
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