Quantum FinTech (QFTA) Shareholders Approve AtlasClear Deal
by Marlena Haddad on 2023-11-06 at 9:20am

Quantum FinTech Acquisition Corporation (NYSE: QFTA) announced this morning that its shareholders approved its combination with AtlasClear at a special meeting held on Friday.

At the meeting, stockholders holding 4,953,369 shares out of a possible 5,050,384 shares of Quantum’s common stock exercised their right to redeem their shares.

Although the final amount of funds to be removed from the trust is still being calculated by the trustee, it is expected that approximately $53.1 million, or $10.73 per share, will be removed from the trust. This means that the SPAC will have just 97,015 shares remaining.

Originally, the parties had set a minimum cash requirement of $40 million at the time of the deal announcement without a PIPE. However, two weeks ago, they decided to waive this condition, anticipating that it would facilitate a successful closing.

The SPAC did not give a definitive timeline for when the deal will close, but stated it will be completed as soon as practicable following the satisfaction or waiver of the remaining closing conditions, including the condition that the common stock will be approved for listing on the NYSE American.

Following the closing, the combined company is expected to begin trading on the NYSE American under the symbol “ATCH”.

Quantum FinTech inked its deal with AtlasClear in November 2022, which is itself combining with correspondent clearing broker-dealer Wilson Davis & Co. and acquiring Commercial Bancorp of Wyoming.

All other proposals presented on the ballot were approved by shareholders.

Recent Posts
by Marlena Haddad on 2023-11-28 at 10:03am

Plum Acquisition Corp. I (NASDAQ:PLMI) has entered into a definitive agreement to combine with digital transformation company Veea for a total enterprise value of approximately $281 million. New York City-based Veea aims to simplify secure edge computing by improving application responsiveness, reducing bandwidth and data transport costs, and eliminating central cloud dependency. The parties expect the transaction to be...

by Nicholas Alan Clayton on 2023-11-28 at 8:43am

L Catterton Asia (NASDAQ:LCAA) announced this morning that it has upsized the committed financing in its combination with EV sports car maker Lotus to $870 million in total. The latest fuel injection comes in the form of $750 million in convertible notes and PIPE commitments under so far undisclosed terms. Counted purely as a PIPE,...

by Nicholas Alan Clayton on 2023-11-28 at 7:43am

At the SPAC of Dawn SPAC closing timelines can always be somewhat unpredictable, but PROOF I (NYSE:PACI) has the opportunity today to vie for a recent speed record today. It announced a combination with private aviation firm Volato 118 days ago on August 2 and its shareholders are set to vote to approve the combination...

by Marlena Haddad on 2023-11-27 at 1:21pm

Dune Acquisition Corporation (NASDAQ:DUNE) announced in an 8-K today that it has once again modified its agreement with sustainable energy firm Global Hydrogen. This amendment marks a reduction in Global Hydrogen’s equity value from $48 million to $43 million, alongside an increase in the available shares of common stock that is for the Global Gas Corporation...

by Nicholas Alan Clayton on 2023-11-27 at 7:43am

At the SPAC of Dawn After mixed signals for the consumer sector earlier this month, initial Black Friday sales numbers have shown that Americans were not too stuffed for a shopping spree this year. Shoppers bagged between $9.8 billion and $10 billion in goods online, depending on one’s preferred source, either of which would be...


Copyright © 2023 SPACInsider, Inc. All Rights Reserved