Breaking News: AtlasClear Holdings, Inc. (NYSE American: ATCH) Board Members Resign, Company Makes Strategic Changes
AtlasClear Holdings, Inc., a leading finance services company, recently announced the resignation of two of its board members, Steven Carlson and James Tabacchi. The resignations, effective on August 28, 2024, were not due to any disagreements with the company's operations. The Tampa, Florida-based company, formerly known as Calculator New Pubco, Inc., made this disclosure in a filing with the Securities and Exchange Commission.
Despite the departure of Carlson and Tabacchi, AtlasClear has not yet announced their successors or the impact on the company's governance structure. The company has not provided further details on the reasons behind the resignations or its plans to fill the vacant positions.
In other news, AtlasClear Holdings, Inc. has changed its fiscal year-end from December 31 to June 30, aligning it with operational cycles for better financial reporting. This decision, approved on August 9, 2024, is expected to offer a more accurate view of the company's financial performance. As part of this change, AtlasClear will file a Transition Report on Form 10-KT, covering the six-month period from January 1, 2024, to June 30, 2024.
Furthermore, AtlasClear has entered into a significant agreement with Tau Investment Partners LLC, establishing an at-the-market equity line of credit (ELOC). This agreement, effective from July 31, 2024, allows AtlasClear to instruct Tau to purchase up to $10 million of its common stock over the next 24 months at a discounted price. The purchase price will be set at 97% of the lowest volume-weighted average price over a three-day period post-advance notice.
These recent developments at AtlasClear Holdings, Inc. signal strategic shifts in the company's operations and financial reporting practices. Investors and stakeholders should monitor these changes closely to assess their impact on the company's performance and future prospects. Stay tuned for updates on AtlasClear's board restructuring and financial agreements as they unfold.