AtlasClear Holdings, Inc. (NYSE American: ATCH), a finance services company, reported on Friday that two of its board members, Steven Carlson and James Tabacchi, have stepped down from their positions. The resignations took effect on Wednesday, August 28, 2024, and were not due to any disagreements with the company's operations, policies, or practices.
The Tampa, Florida-based company, formerly known as Calculator New Pubco, Inc., disclosed the changes in a filing with the Securities and Exchange Commission. AtlasClear, which operates under the financial industry classification code 6199, is incorporated in Delaware and has its fiscal year end on June 30.
The departure of Carlson and Tabacchi from the board comes without any immediate announcement of their successors or the impact this will have on the company's governance structure. AtlasClear has not provided further details on the reasons behind the resignation of its directors or its plans to fill the newly vacated positions.
In other recent news, AtlasClear Holdings, Inc. reported a change in its fiscal year-end from December 31 to June 30, a decision made to streamline financial reporting and align the company's fiscal calendar with operational cycles. This adjustment, approved on August 9, 2024, is expected to provide a more representative view of the company's financial performance.
In conjunction with this change, AtlasClear plans to file a Transition Report on Form 10-KT, covering the six-month period from January 1, 2024, to June 30, 2024.
In addition to the fiscal year-end change, AtlasClear has entered into a significant agreement with Tau Investment Partners LLC, establishing an at-the-market equity line of credit (ELOC). This deal, 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. The purchase price for shares sold will be set at 97% of the lowest volume-weighted average price over a three-day period post-advance notice.
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