Tampa-based AtlasClear Holdings has struck a deal worth up to $24.5 million to acquire a Boca Raton investment bank, adding a profitable capital-raising business to its securities clearing operations as it works to build a broader financial services company.
The publicly traded company (NYSE American: ATCH) announced Thursday that it had acquired a 24.9% stake in Ark Financial Services, the parent of Dawson James Securities, for $5 million in cash and debt. AtlasClear plans to purchase the remaining ownership stake after receiving regulatory approval, bringing an investment bank that generated $25.1 million in revenue last year into its operations.
Dawson James specializes in raising capital for small and micro-cap companies across industries including biotechnology, defense and digital assets, and ranked 14th by transaction volume among placement agents in the first quarter of 2026, according to PlacementTracker. Its revenue climbed 136% from $10.6 million in 2024 to $25.1 million in 2025, while the firm earned $2.4 million after reporting a $700,000 loss the previous year.
The investment bank has already begun clearing trades through AtlasClearing, AtlasClear’s subsidiary that handles securities clearing, stock locate and custody services for financial institutions. Bringing Dawson James under the same ownership would allow AtlasClear to handle more of the transactions its clients conduct, from raising capital and selling securities to processing and settling trades. The company also plans to acquire Commercial Bancorp of Wyoming, which would add commercial banking to its financial services operations if that separate transaction closes.
Combined with Dawson James, AtlasClear’s latest annual results would bring the two businesses to approximately $45.2 million in historical revenue, more than double the $21.5 million they generated in their respective prior fiscal years. Including interest income, the combined figure reaches $47 million, compared with AtlasClear’s standalone $21.9 million in revenue and interest income for fiscal 2026.
Those comparisons combine Dawson James’ calendar year 2025 results with AtlasClear’s fiscal year ended June 30, 2026, rather than measuring the companies over the same reporting period. The figures also exclude acquisition costs and other adjustments, so they do not represent what the combined company would have earned or what it expects to generate after closing.
AtlasClear paid $2.5 million in cash and issued a $2.5 million promissory note for its initial investment, with the remaining purchase price consisting of approximately $2.44 million in cash and $13.81 million in common stock. Ark’s shareholders could receive another $3.25 million if Dawson James meets revenue targets for 2026 and 2027, bringing the stated consideration to $24.5 million. The agreement also provides for an additional payment tied to Dawson James’ net capital above $1 million at closing.
The stock consideration will be priced at market when issued, without a discount or additional warrants, and shareholders receiving AtlasClear shares will be subject to a six-month lockup. No shares were issued for the initial investment, with the company planning to issue stock only after the acquisition receives the required approvals and closes.
Ark’s majority owner, Bob Keyser, also serves on AtlasClear’s board of directors, prompting the company’s independent directors to review and approve the agreement. Completion of the acquisition still requires approval from the Financial Industry Regulatory Authority, any shareholder approval required under NYSE American rules and satisfaction of other closing conditions.