AtlasClear Holdings, Inc. (“AtlasClear Holdings”) (NYSE: ATCH)
is excited to announce the appointment of Mark S. Smith as a member
of the board of directors (the “Board”), effective September 23,
2024. This significant Board appointment highlights AtlasClear
Holdings’ commitment to revolutionizing the financial sector.
Mark S. Smith brings over three decades of expertise in capital
markets, with a strong focus on crypto, digital assets, and
blockchain technologies. His appointment to the Board marks a
crucial moment as AtlasClear Holdings continues to advance its
innovative Clearing and Settlement platform.
Mr. Smith expressed his enthusiasm for the appointment: “I am
thrilled to join AtlasClear Holdings’ Board and work alongside a
team that is pioneering the transformation of financial markets.
AtlasClear Holdings’ dedication to building the future of Clearing
and Settlement of traditional and digital assets is in perfect
harmony with my aspirations for the future of finance.”
Before joining AtlasClear Holdings’ Board, Mr. Smith was part of
the Founding team of six successful start-ups in the FinTech
ecosystem, where he led initiatives in digital assets,
tokenization, digital fund administration, and commercialization.
His career also includes pivotal roles in creating products and
services that lead to the electronification of Wall Street and the
birth and adoption of Bitcoin and the tokenization of real-world
assets (RWA). Early in his career, Mr. Smith contributed to the
development of cutting-edge products in capital markets, including
algorithmic trading tools and global ATS platforms.
Recognized as an authority in digital assets and tokenization,
Smith is frequently cited in top industry publications and has been
a driving force behind numerous innovative capital markets
solutions.
“We are thrilled to welcome Mark Smith to our Board. Our goal at
AtlasClear Holdings is to build the most efficient, technology
forward Clearing and Settlement solution for our customers. We
believe this naturally includes evolving products such as
distributed assets. We believe Mark’s guidance going forward will
be instrumental in delivering access to distributed assets in a
compliant and successful manner,” said John Schaible, Executive
Chairman of AtlasClear Holdings.
“I’m excited to join the Board of AtlasClear Holdings. I
believe, this company is uniquely positioned to establish a
solution that has the correct regulatory and technology platform to
address market changes, managed by experienced professionals with a
long history of success,” commented Mr. Smith.
About AtlasClear Holdings, Inc.
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 strategic goal of
AtlasClear Holdings is to have a fully vertically integrated suite
of cloud-based products including account opening, trade execution,
risk management, regulatory reporting and settlement. The team that
leads 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,
Symbiont, and Anderen Bank.
About the Financial Technology
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
completion of the proposed acquisition of Commercial Bancorp of
Wyoming (“Commercial Bancorp”), 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.
AtlasClear Holdings is expected to be run by a new digital suite
of technologies that became part of the transaction at closing.
About Wilson-Davis & Co., Inc.
Wilson-Davis & Co. Inc. (“Wilson-Davis”) is a full-service
correspondent securities broker-dealer. The company is registered
with the Securities and Exchange Commission (“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 AtlasClear Holdings’ long-term business
model.
Cautionary Statements 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 Holdings’ current views
with respect to, among other things, the future operations and
financial performance of AtlasClear Holdings. 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) AtlasClear Holdings’ expectations regarding the benefits
of the new board appointment, including operational results, (ii)
AtlasClear’s anticipated growth strategy, including expected
acquisitions, and (iii) the financial technology of AtlasClear
Holdings.
The forward-looking statements contained in this communication
are based on the current expectations of AtlasClear Holdings and
its management and are subject to risks and uncertainties. No
assurance can be given that future developments affecting
AtlasClear Holdings 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 Holdings. 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: AtlasClear’s
inability to successfully integrate, and/or realize the anticipated
benefits of, the acquisition of Wilson-Davis & Co., Inc. and
the technology acquired from Pacsquare Technologies LLC (the
"Transaction"); failure to recognize the anticipated benefits of
the Transaction, which may be affected by, among other things,
competition, the ability of AtlasClear Holdings to maintain
relationships with customers and suppliers and strategic alliance
third parties, and to retain its management and key employees;
AtlasClear Holdings’ inability to integrate, and to realize the
benefits of, the Transaction and other potential acquisitions;
changes in general economic or political conditions; changes in the
markets that AtlasClear Holdings targets; slowdowns in securities
or cryptocurrency trading or shifting demand for trading, clearing
and settling financial products; any change in laws applicable to
AtlasClear Holdings or any regulatory or judicial interpretation
thereof; and other factors, risks and uncertainties, including
those that were included under the heading "Risk Factors" in
AtlasClear Holdings’ Annual Report on Form 10-K filed with the
Securities and Exchange Commission on April 16, 2024 and its
subsequent filings with the SEC. AtlasClear Holdings cautions 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. AtlasClear
Holdings does not 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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