Overview

• The transaction is split into $10 million of convertible debt with a five-year term at an 11% coupon and a $0.75 conversion price, plus $10 million of units at $0.60 each including one share and a warrant with a $0.75 strike.
• AtlasClear said the funds will support onboarding of correspondent firms, hiring, technology deployment, and expansion into additional revenue lines.
• Sixth Borough Capital participated in the raise, and Dawson James served as the exclusive placement agent.
• Following the announcement, ATCH shares were reported up about 43% intraday to $0.52, according to Benzinga.
• The company recently completed the final $2 million of a separate $5 million financing on September 24 led by board member Sandip Patel, who will join as CFO and General Counsel.