TAMPA, Fla., December 16, 2024--(BUSINESS WIRE)--AtlasClear Holdings, Inc. ("AtlasClear Holdings") (NYSE: ATCH) is excited to announce the hiring of Jeff Sime as the new Chief Executive Officer of its wholly-owned subsidiary, Wilson-Davis & Co., Inc. ("Wilson-Davis"), effective December 16, 2024. This significant hiring highlights AtlasClear Holdings’ commitment to identifying and acquiring experienced leadership as they work towards the goal of revolutionizing the financial sector for the small institution space.
Mr. Sime brings expertise in capital markets, with a strong focus on correspondent clearing space. His appointment marks a crucial moment as AtlasClear Holdings continues to advance the innovative clearing and settlement platform with a focus on the future.
Mr. Sime expressed his enthusiasm for the appointment: "I am thrilled to join AtlasClear Holdings to lead Wilson-Davis and work alongside a team that is focused on providing solutions that are forward thinking in the evolving global financial marketplace. AtlasClear Holdings’ dedication to building the future of clearing and settlement of traditional and digital assets is in perfect harmony with my aspirations for the future of finance."
Before joining AtlasClear Holdings to lead Wilson-Davis, Mr. Sime led Embed Clearing and was successful in helping facilitate the approximately $236 million sale of the company in 2022. This was quite an achievement given Embed had been operating for a little over a year, its footprint was small and was just beginning to add to its client base. Mr. Sime indicated that he sees a potentially larger, long-term opportunity with AtlasClear Holdings and Wilson-Davis given its footprint and 56-year history. "I believe we have a unique platform and licensing set with Wilson-Davis that may allow us to provide institutional clearing solutions to an underserved segment of the market which is the small financial institution space. The larger providers in the market have continued to turn away from directly servicing this segment of the market, leaving smaller broker-dealers limited options to manage their clients’ portfolios. We believe we can be the solution," said Mr. Sime.
Prior to his position with Embed, Mr. Sime has enjoyed a successful career spanning almost three decades in the financial industry. Prior to Embed, Mr. Sime was the President of COR Clearing and was an integral part of its being purchased by Axos Financial in 2018.
"We are thrilled to welcome Jeff to the team to lead Wilson-Davis into the future. Our goal at AtlasClear Holdings is to build a highly efficient, technology forward Clearing and Settlement solution for our clients. We believe Jeff’s experienced leadership going forward will be instrumental in helping to capture the opportunity in front of us and enhance shareholder value long-term. His track record speaks for itself," said Craig Ridenhour, President, AtlasClear Holdings.
About AtlasClear Holdings, Inc.
AtlasClear Holdings plans to build a cutting-edge technology enabled financial services firm that would create a more efficient platform for trading, clearing, settlement and banking of evolving and innovative financial products with a focus on the small and middle market financial services firms. The strategic goal of AtlasClear Holdings is to have a fully vertically integrated suite of cloud-based products including account opening, trade execution, risk management, regulatory reporting and settlement. The team that leads AtlasClear Holdings consists of respected financial services industry veterans that have founded and led other companies in the industry including Penson Clearing, Southwest Securities, NexTrade, Symbiont, and Anderen Bank.
About the Financial Technology
The nature of the combined entity is expected to be supported by robust, proven, financial technologies with a full suite that will enable the flow of business and success of the enterprise. The combined entity is expected to have a full exchange platform for a spectrum of financial products. In addition, the combined entity is expected to have a full prime brokerage and, following the completion of the proposed acquisition of Commercial Bancorp of Wyoming ("Commercial Bancorp"), a prime banking platform with complete front-end delivery. The enterprise is anticipated to offer a fixed income risk management platform which can be expanded to a diverse application on financial products.
About Wilson-Davis & Co., Inc.
Wilson-Davis is a full-service correspondent securities broker-dealer. The company is registered with the Securities and Exchange Commission ("SEC"), the Financial Industry Regulatory Authority and the Securities Investor Protection Organization. In addition, Wilson-Davis is a member of DTCC as well as the National Securities Clearing Corporation. Headquartered in Salt Lake City, Utah and Dallas, Texas. Wilson-Davis has been servicing the investment community since 1968, with satellite offices in California, Arizona, Colorado, New York, New Jersey and Florida.
About Commercial Bancorp of Wyoming
Commercial Bancorp is a bank holding company operating through its wholly-owned subsidiary, Farmers State Bank ("FSB") and has been servicing the local community in Pine Bluffs, WY since 1915. It has focused the majority of its services on private and corporate banking. A member of the Federal Reserve, FSB is expected to be a strategic asset for AtlasClear Holdings’ long-term business model.
Cautionary Statements Regarding Forward-Looking Statements
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that reflect AtlasClear Holdings’ current views with respect to, among other things, the future operations and financial performance of AtlasClear Holdings. Forward-looking statements in this communication may be identified by the use of words such as "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "foreseeable," "future," "intend," "may," "outlook," "plan," "potential," "proposed," "predict," "project," "seek," "should," "target," "trends," "will," "would" and similar terms and phrases. Forward-looking statements contained in this communication include, but are not limited to, statements as to (i) AtlasClear Holdings’ expectations as to operational results, (ii) AtlasClear Holdings’ expectations regarding the benefits of the appointment of Wilson-Davis’ new Chief Executive Officer, (iii) AtlasClear’s anticipated growth strategy, including expected acquisitions, and (iv) the financial technology of AtlasClear Holdings.
The forward-looking statements contained in this communication are based on the current expectations of AtlasClear Holdings and its management and are subject to risks and uncertainties. No assurance can be given that future developments affecting AtlasClear Holdings will be those that are anticipated. Actual results may differ materially from current expectations due to changes in global, regional or local economic, business, competitive, market, regulatory and other factors, many of which are beyond the control of AtlasClear Holdings. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Factors that could cause actual results to differ may emerge from time to time, and it is not possible to predict all of them.
Such factors include, but are not limited to: AtlasClear’s inability to successfully integrate, and/or realize the anticipated benefits of, the acquisition of Wilson-Davis and the technology acquired from Pacsquare Technologies LLC (the "Transaction"); failure to recognize the anticipated benefits of the Transaction, which may be affected by, among other things, competition, the ability of AtlasClear Holdings to maintain relationships with customers and suppliers and strategic alliance third parties, and to retain its management and key employees; AtlasClear Holdings’ inability to integrate, and to realize the benefits of, the Transaction and other potential acquisitions; changes in general economic or political conditions; changes in the markets that AtlasClear Holdings targets; slowdowns in securities or cryptocurrency trading or shifting demand for trading, clearing and settling financial products; any change in laws applicable to AtlasClear Holdings or any regulatory or judicial interpretation thereof; factors that may cause a delay in timely filing the transition report described herein; the risk that additional or different information may become known prior to the expected filing of the transition report, and other factors, risks and uncertainties, including those that were included under the heading "Risk Factors" in AtlasClear Holdings’ Transition Report on Form 10-KT filed with the Securities and Exchange Commission on October 16, 2024 and its subsequent filings with the SEC. AtlasClear Holdings cautions that the foregoing list of factors is not exhaustive. Any forward-looking statement made in this communication speaks only as of the date hereof. Plans, intentions or expectations disclosed in forward-looking statements may not be achieved and no one should place undue reliance on such forward-looking statements. AtlasClear Holdings does not undertake any obligation to update, revise or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.
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