Steven Carlson rejoins AtlasClear Holdings board as independent member

TAMPA - Steven Carlson has returned to the Board of Directors of AtlasClear Holdings, Inc. (NYSE American:ATCH), a micro-cap financial services company currently valued at $10.45 million, as an independent board member, the company announced Thursday. According to InvestingPro analysis, the stock appears undervalued at its current price of $0.82.

Carlson, who stepped away from the board last year for personal reasons, will replace Sandip Patel on the Audit Committee and the Nominating and Governance Committee. Patel recently transitioned to the roles of General Counsel and Chief Financial Officer at the company, changing his status from independent director. The leadership change comes as InvestingPro data shows analysts expect both revenue and net income growth for the current year, despite the company’s recent cash flow challenges.

The appointment satisfies the NYSE requirement that at least 50% of board members be independent for a smaller reporting company.

"I am honored to return to the AtlasClear board," Carlson said in the press release. "I am impressed with the progress the Company has made in shoring up its balance sheet and implementing constructive management changes."

Carlson brings significant industry experience as co-founder of Marco Polo Exchange, former CEO of MPS, ex-President of StoneX’s securities business, and former Head of global Emerging Markets business at Lehman Brothers.

AtlasClear Holdings is developing a technology-enabled financial services platform focused on serving small and middle-market financial institutions. The company operates through its subsidiary Wilson-Davis & Co., a securities broker-dealer registered with the SEC and FINRA, and plans to acquire Commercial Bancorp of Wyoming.

The company expects to file its 10K on or before Monday, September 29, followed by an earnings call scheduled for Tuesday, September 30, at 8:30 a.m. Eastern time. With the stock down over 93% year-to-date, investors will be closely watching these results. InvestingPro subscribers have access to 14 additional exclusive insights about AtlasClear’s financial health and market position.

In other recent news, AtlasClear Holdings has completed a $5 million financing round through the issuance of promissory notes to strategic investors and board members. This financing included a $2 million portion of a previously announced $5 million raise, following an initial $3 million announced earlier. The notes were issued with a 20% original issue discount, resulting in an aggregate principal amount of $6.25 million. Additionally, AtlasClear closed a $3 million financing deal, with promissory notes issued at a 20% original issue discount, resulting in an aggregate principal amount of $3.6 million. These notes mature in six months or upon completion of a qualified equity financing of at least $10 million, with an option for investors to convert the notes into equity. Furthermore, AtlasClear announced a $500,000 debenture investment from Sixth Borough Capital LP, aligning with its goals of enhancing revenues and accelerating growth initiatives. In another development, AtlasClear updated shareholders on amended terms for its $45 million investment agreement with Hanire LLC. The revised agreement restructures the payment schedule from four tranches to two, with an initial investment of $20 million, followed by a second tranche of $25 million.

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