Atlasclear Shares Double In Value Following $3M Capital Raise Check Out The Details

AtlasClear Holdings (ATCH) shares soared 102% by midday trading on Wednesday after the company announced that it raised $3 million in gross proceeds through the issuance of promissory notes from strategic investors.

The company also stated that it may raise an additional $2 million in gross proceeds. AltasClear stated that the notes were issued with a 20% Original Issue Discount, resulting in an aggregate principal amount of $3.6 million.

Retail sentiment on AtlasClear remained unchanged in the 'extremely bullish' territory, with chatter at 'extremely high' levels, according to data from Stocktwits.

AtlasClear stated that the notes may be converted into equity at each holder's option at the closing of a qualified equity financing, at the same per-share price as such financing.

Sixth Borough Capital invested $500,000 in the notes, marking its second investment, following the recently announced $500,000 debenture investment last month, the company added.

“The company recently reported excellent numbers for its wholly owned subsidiary, Wilson Davis & Co.,” said John Schaible, Executive Chairman of AtlasClear.“...we believe that the business growth demands an expansion of our capital base.”

He added,“We accepted this investment to timely increase our ability to absorb more of the correspondent clearing business immediately available to onboard.”

On Monday, AtlasClear's subsidiary, Wilson-Davis, reported a 295% year-over-year rise in net income for the year ending June 30.

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