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.
In January 2025, SPAC teams continued extending beyond their third round, with one SPAC notably reaching its seventh extension vote as they searched for suitable deals. The month saw five announcements, marking the highest level in recent months, while only four SPACs held completion votes. Extension Votes In January, 14 extension votes were scheduled, representing...
At the SPAC of Dawn February is set to start with the jolt of a new potential trade war in North America. While some observers had expected tough trade action on China, the incoming administration’s decision to begin with 25% tariffs on the US’ biggest trading partners and neighbors, Mexico and Canada, and tariffs of...
Terms Tracker for the Week Ending January 31, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. This past week saw three new SPAC IPOs price, bringing the January and year-to-date IPO count to eight and underlining an active start to 2025....
The shortest month of the year nonetheless features new liquidity events for nine SPAC sponsors and 10 de-SPACs that at least a trio of which can be excited about. The de-SPACs being released from lock-ups this month with most to gain will also in most cases be the ones that will have to wait until...
Fifth Era Acquisition Corp I (NASDAQ:FERAU) has filed for a $200 million SPAC to potentially make another run at a blockchain or crypto transaction after the team’s first attempt fell short of sealing a deal. The new SPAC is offering investors a right to a 1/10 share in each unit, but it is not overfunded...