Quantum FinTech (QFTA) Shareholders Approve AtlasClear Deal

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.