Good afternoon, ladies and gentlemen. This is the last presentation of the day. We'll save the best for last. My name is Mark Haley, I'm with Centri Consulting. We're an accounting consulting firm doing a host of services for small public companies. It's my pleasure to introduce Craig Ridenhour and John Schaible from AtlasClear Holdings. Good afternoon. I typically don't have a problem being heard. Normally, they don't put microphones on me. Thank you very much for joining us today. One, it's the end of the day. We now know how Think thinks about us putting us to the 4:30. I'm just kidding, Think, we love you. We know that people are getting ready for happy hour. It's been a great event. You guys have probably had a lot of meetings. We do greatly appreciate you taking the time to meet with us. We're excited to be here. I'm Craig Ridenhour. I'm the President of AtlasClear Holdings. John will come on and finish up the back part of this presentation. We're going to try to move through it fairly quickly. The presentation will be available. We want to get to Q&A because there's a lot of questions and a lot of things we want to get to that people ask repetitively, and m aybe we can shine some light on that today. Again, AtlasClear Holdings on the NYSE American, symbol ATCH. Forward-looking statement. For all the attorneys in here, I am going to read line by line. No, I'm married to an attorney. I'm not doing that. If you'd like to read it, have fun. It's there. We get it often because AtlasClear Holdings, you can't really get a feel for what it is. If you're in the space, you'll understand what we're doing. For regular retail investors, they're saying, okay, what do you actually do? What we do is we actually are developing a platform that you touch and feel every day. Meaning if you put a trade in through Robinhood or E-Trade or whatever it may be, we can be the institution on the other side that's actually custody, clearing, and settling that transaction. You may not be aware that they're there, but they are doing that. Consequently, as it says here, we're building a technology-enabled financial services firm. What we've got is we've got a correspondent clearing firm. We're going to be marrying it to a Fed member bank that soon we're going to be applying for the Fed for the approval process, provided the government opens. Provided we get a successful approval of that, we will marry those two together, layer in technology, and provide a one-stop solution for an underserved market that we'll get to in a moment. This is what it's talking about. Our mission is to empower small and medium-sized financial institutions with the right technology set, with the right clearing and settlement to clear, settle, trade assets. Because that particular market, if you're a small broker-dealer, small family office, small hedge fund, you've been orphaned by the big clearing firms, by and large. The Pershings of the world. They don't offer the services down. Their minimums are too high. Ultimately, you have kind of a disjointed way that you get business done for your actual clients. We're coming in to provide a one-stop solution for that small institution space. Over here, it's got the, as of October 14th, the actual key market data. I don't know where we close today. I don't mean that flippantly. Like I don't care. I care, but you don't reappraise your house every day. We don't look tick by tick at what happens to the stock. Shares outstanding, 127, market cap. And then the average volume. Now, the average volume is important. I think we did 90 or 95 million shares today. We have a tremendous amount of liquidity in a microcap stock. It's very attractive. Big picture, though, when we look at this, our price today has no impact or is any reflection of what I think our performance is right now and the numbers we've been putting out. Furthermore, in 6, 12, 18, 24 months and beyond, I think people will look back at the opportunity right now and say, what an opportunity that was to buy that company. We're excited. The vision. Again, I'm going to be a little repetitive on these slides. It'll sink in. I'm going to go through them quickly. To build a modern, scalable, regulated financial institution. We're coming in to come in and provide service to the small and medium-sized institution market, broker-dealers, RIAs, you name it. Where we're the connective tissue, meaning we connect all of the different transactions that take place, clear and settle them, and if we're successful in acquiring the bank, extension of credit and different banking lines that we can additionally provide. Built for scale, position for growth. Integrated platform. Again, integrated platforms, trading, clearing, settlement, banking. Scalable margins. Scalable margins is that with our current footprint in Wilson-Davis that we acquired in February of 2024, we can scale very easily with the current staff we have. Meaning we don't have to add a lot of overhead to meet the demand that we have, which allows us to increase our revenues and increase our margins and a number of things. Strategic acquisitions. The first strategic acquisition we made was Wilson-Davis, in fact. It's almost a 60-year-old correspondent clearing firm. How many in the room know what a correspondent clearing firm is? Okay. A correspondent clearing firm is like a Pershing. What that is, is their clients traditionally are going to be other broker-dealers that can't carry their assets and clear and settle transactions. We're not Pershing. We don't have the balance sheet. We don't have any of that. What we do have is we have the licensing set through Wilson-Davis, which was the first strategic acquisition, to come in and provide a solution for those small institutions that have been orphaned. The second strategic acquisition will be Commercial Bancorp of Wyoming. We anticipate we will file with the Fed within the next 90 days to formally go through the approval process. We're very excited about that. Target market, again, underserved financial institutions, expert leadership. John will accuse me all the time of stealing thunder, his thunder. We have a management slide, and we also have a board of directors slide. Suffice to say, we feel like we have an excellent team, and we have an excellent board to help guide us through this explosive growth we think we will have. Finally, plan for growth organically and also through strategic acquisitions. In 2026, we're going to be looking at acquisitions, but also organically, because the marketplace is out there and we provide this solution, there's a huge opportunity to gain market share providing these services. Very excited. Again, large fragmented underserved market. We're targeting financial institutions up to a billion. The demand is driven by fintech adoption, all these things they can't necessarily get right now. It's a market that's ripe. There's only a couple in that space that have this correspondent clearing license that are out there competing for those services. It's a limited field for us to compete against. As it says, again, you can read this, but we are uniquely positioned. Institutional clearing, fintech platforms. Banking, we get Commercial Bancorp of Wyoming. I do want to put this out there. If for some reason we were to fail with that acquisition, and we have owned banks previously, so we're confident we'll get a successful approval, but it's a government body. You never know. We have backup plans on that. It's not as an all-in on that. We are all-in until we find the result. Data services. We combine all these things and provide this solution to this small space that's been fragmented and really orphaned. The market problem is legacy infrastructure limits growth. The challenge is financial infrastructure is old. It's legacy-based. We're not saying we're a Pershing or a Fidelity or any of these, but they're on technology platforms that are, yes, they have all the resources of the world, but they're legacy platforms. The opportunity and the challenge for us is that digital fast-moving financial markets, as, say, for instance, crypto or digital assets come to play. We're not them balance sheet-wise. We're certainly not them performance-wise yet. We're young, we're nimble, and we're able to move quickly. Key pain points, again, outdated systems. Fragmented workflows, meaning just to get a simple transaction done, if you're a small broker-dealer and you don't have a direct line of clearing, you may have to go through multiple intermediaries to get a simple transaction traded for your client. The banking side, the same way. We help to provide that solution. High cost barriers. Again, smaller financial firms and medium-sized firms just can't get the same financial pricing as the large firms. Limited innovation. Again, legacy infrastructure, it's rigid. They really can't evolve in the platform and the trading and the things that they're doing. It happens over time. It just takes longer, I should say. Operational risk, manual processes can be a problem. Finally, the result is an uneven playing field. This is just hammering home. Small institutions are faced with challenges day in and day out. We're coming to provide that one-stop solution. Our approach, again, integrated, scalable, financial. Approach, again, hammer home, rebuilding, settlement, custody, clearing. We're putting a platform together. We already have one piece of the puzzle. Wilson-Davis is incredibly valuable. A number of people have seen the recent performance we've put out. John will be talking to that a little bit. We have grown that in a short period of time without any real capital. All we've done is made some management changes, and we've reallocated assets and resources. We're putting out very good results, and we're excited about the future there. Core advantages: one unified platform, automation, real-time data, scalable foundation, built for the underserved. What we are looking to do is provide a solution for them that they desperately need. We have the licensing set right now in Wilson-Davis to do a lot of that. Provided we're successful with the Commercial Bancorp acquisition, which is a tremendous 110-year-old bank in Pine Bluffs, Wyoming, we're successful with that. We will have the regulatory infrastructure and licensing. That is not impossible because we're doing it to replicate, but incredibly difficult to get those all under the same hood. Again, very, very excited. You can see everything that we've talked about built for the underserved. Finally, institutional and correspondent clearing, fintech, digital platforms, banking, credit expansion. These are all drivers for us. Some of them are online now, some of them will be expanding, and some of them will be coming online. I think the most important thing from everything that we just went through is that there is a market that is severely underserved. We are putting out numbers right now that John will speak to that are impressive and growing. When you look at it, it doesn't reflect in our stock value right now. It really doesn't. There's a host of reasons we could do this. We're going to try to get through this so that we can get to the Q&A. The reality is that there's a huge market right now and a huge opportunity for us. We think we're grossly undervalued from an equity standpoint. Again, we measure that in 6, 12, 18, 24 months. Now I'm going to hand it over to John for the back part of this. Thank you very much. Thank you, Craig. Which button does this? Which button does? The big green. Big green. We are a fintech company. Thank you, guys, for coming. I know we're the last show, and everybody's kind of tired and worn out. We've been through 13, 14 meetings today. Thank you, Think Equity, for putting together such a great conference where everybody was, in fact, involved. I think we are a unique company. I think what makes us very distinct from our competition is our management and our leadership. I believe that begins with both the Executive Management and the Board of Directors. I don't particularly like to talk about myself, but I've been in fintech for the better part of 30 years. I've built and sold multiple fintech companies, exchanges, banks, brokerage firms, foreign currency exchanges, a variety of things. My experience has led me down this path as to why I think this company in particular could be my most successful. Craig Ridenhour and I have been working together for a long time. Craig has been in fintech and fin-serve for the better part of 30 years. I believe he is the most talented business development person in the space I've ever seen. Sandip Patel is our General Counsel. Sandip was the first General Counsel of a company called WellCare, which was the health care organization that was sold to the Soros Fund. It became the number one performing investment for the Soros Fund for quite some time. After he monetized that, he invested with me in a bank that we started in Florida called Andorran Bank that we also sold successfully. For the last 20 years, Sandip has been working with our team building financial services. Ilya Bogdanov is our Chief Technology Officer. What we want to do is to make the space more efficient, more effective. We do that through technology. To do that correctly, you need the right Chief Technology Officer. Ilya was with Bank of America, h e was with Citigroup, h e was with DoubleClick. He has been with us for the better part of 15 years. I think he's one of the best CTOs in low latency, high frequency risk management, which is important for us. In terms of our Board of Directors, me, Sandip, Craig. Old guys. I'll move to the other old guys. Steve Carlson, previous to joining us, was the Head of Emerging Markets at Lehman Brothers. He was the President of StoneX Securities, which is one of our better competitors. He runs today a company called Marco Polo, which is one of the largest chaperone broker-dealers in the world. He is also the Chairman of Rhodes End Securities, which I think presented earlier. Hope you guys saw that. Steve is an amazing member of our board. Bob Keyser has joined us relatively recently. Bob has made perhaps four investments into us over the last couple of months, helping spearhead the most recent $20 million investment into us. Bob is a specialist both in brokerage firms and in microcap securities. Part of the reason we're so excited to have Bob as part of our team is that Bob will help us move from micro to macro. Finally, Tom Hammond. Tom is not just a personal friend of mine. Tom is my mentor. Every time I had a hard clearing question that no one else could answer, Tom could answer it. He's a former President of ICE Clear, which, of course, clears for the New York Stock Exchange. He's a former CEO of the Board of Trade Clearing Corporation. Any kind of clearing question that exists in this country today, I would put him forward as the foremost expert. I went to him in maybe 1998 with this idea I had on expirationless options, options that never expired. We had patents on it. My question was, how can I have a patent? How can I bring this to market? No one could answer the question. Tom, I think in 1998 or 1999, answered the question inside of five minutes, drew me a diagram as to how I could do it, and told me to go on my way. I continued to hound him and form a friendship with him. Having Tom Hammond on our Board of Directors, I think, for us, is one of the biggest endorsements we can have. I know we're running out of time. We have eight minutes left. I'll try to really speed up. We bought this correspondent clearing firm. I understand that many of you know what that is. This firm has been in business for 60 years. They've done a good job. They have almost, sometimes $750 million, $780 million, sometimes $1 billion in assets under management that we felt they weren't using correctly. They were basically a microcap deposit clear, settle firm. They were not taking the microcap, clearing it, settling it, taking that cash, and telling the customer, "You want to do something else with this? Do it here. Don't take it someplace else." We saw a huge gem in this. The bank we have under contract is almost the same story. It's been in the same family for over 100 years. It's a Federal Reserve member bank. It is so clean. As we get to know each other, and if you study my history, I have built and sold banks. I have also acquired assets from banks. The one thing I've learned in that process is making sure the bank you buy doesn't have bad stuff, I think is the best word. Bad stuff in it. This bank has customers that are third and fourth generations literally working on the same ranch for the family that owns it. Profitable. This is, I think, perhaps a bigger gem than Wilson-Davis, which if you've been studying our numbers, what we've done, what we've reported in terms of last month over month for September, we tripled revenue. We multiplied net income 733% year- over- year. What we've done with Wilson-Davis, for those of us that know the space, is impressive. What we can do with this bank, I think, is equally strong. Lockbox is one of the reasons that we're being so successful. They are a fintech company, and we are fintech by blood. We bought a boring clearing firm. We're going to buy a boring bank. We're going to come into that boring clearing firm and that boring bank, and we're going to change it with technology, not staff, with technology. Lockbox is one example. Lockbox is one of the foremost providers of stock loan technology. Our stock loan revenue a year ago was nothing. Last month, I'm going to say $400,000. I don't have it in front of me, but every month, it's going up by more than 42% month over month over month. Finally, Dawson James Securities. Bob Keyser, who is the CEO of Dawson James, made an investment into us for $500,000. It was a great buy for him. He's made multiple investments since and most recently led the $20 million investment into our firm. I have five minutes. All right. It works pretty simply. We're a correspondent clearing firm. We want to be a bank. We get clients onboarded. The more we get, the more transaction volume we have. The more transaction volume we have, the more we can use those assets for other deals. That increases our services. The more data we have on that, and most importantly, because we want to lend. We want to use the knowledge that our customers give us to lend them money to buy and sell more. The more we can do that, the more we can lend safely against perfectly liquid instruments at margin rates that for many of us might seem obscene, but for retail is standard. That increases our margin. They buy and sell more, and we create this wheel. I'm sorry to go so fast, but I literally have only a few minutes. Our client base and expansion, our strategy has been pretty simple. Buy Wilson-Davis, make it better, add more firms. We bought Wilson-Davis, w e changed the management team. We made it stronger and better. We have announced two introducing brokerage firms more. That makes us with three. We have done what we said we were going to do with this. Our next step, because following the DSPAC, we had bad debt. We had perhaps too much debt. We didn't have enough operating income. We were fortunate in having original strategic investors that worked with us. Through those investors, we were able to actually pay off all of their debt. We were able to monetize things in a way that perhaps other companies could not do. Now. We got an additional $20 million from those same partners that have made us capital clean. Our balance sheet is clean. Our forward future is bright. We want to acquire. We want to acquire brokerage firms. We want to acquire crypto. As we do that, we increase our revenue alignment. We go into new products like crypto. In full, we'll look at strategic international expansion. The international market for brokerage firms, like for example, in Latin America, they do the same things that we do here, but at much higher prices, which from our perspective is great if our compliance is right. I'll go very fast through this. A year ago, if you looked at our balance sheet and our year-end is June 30th, a year ago, we had $53 million in debt-ish. We had $400,000 approximately in total operating income. We were, I think, dead to the street in most eyes. We have paid off all of that debt. We have paid off almost all of the payables related to the DSPAC. We recently closed a $20 million investment. That's in the form of two pieces, $10 million in convertible debt, which is a five-year note. The strike price on that, absent changes, is $0.75. We closed $10 million on units that were equity and warrants, absent Black-Scholes modeling, also $0.75. We're profitable. We're doing very well. I'm sorry to take this so short, but I do want a couple of minutes for questions. I'm going to close and stop and hopefully take live questions. You mean a special purpose charter from Wyoming? No. This is an actual Federal Reserve charter. We would not go that direction. Okay. Do you hold crypto on your balance sheet? Today, no. Do you intend to? Absolutely. You intend to be a custodian with Lockbox? Or what's your strategy there? We intend to be great. That was a double question. I saw that, right? Yes. We intend to be custodian. Yes, we intend to use Lockbox to provide us the right technology to provide crypto loan like we do stock loan. Sorry, I know I saw you, Eric. What's the asset size of Wyoming Bank? Total equity is approximately $3.3 million. Total deposits are approximately $27 million. Total loans are about $27 million. They're basically 10 to 1. They can't grow without something like us. Fortunately, they've agreed to sell to us because it's a gem. Yeah. Oh, Fed member? Yeah. Yes, sir. Why have you chosen the Commercial Bancorp of Wyoming? Why have we chosen them? Yeah. We started looking into acquiring banks over 10 years ago. I started cold calling Federal Reserve member banks. We've done a lot of business. Before crypto, we were doing a lot of business in FX settlement. We were doing a great deal of it outside of the United States, and many of our customers were buying and selling dollar. Our custodian banks, our clearing banks, often threatened us that they would shut us off because we had banks out of Panama. We had banks out of Ecuador. We had all these banks. We started looking at buying a bank. I started cold calling banks. Called this bank in Wyoming, and they just kept telling me, "No. No. No. No. No." I literally drove to the bank and sat down with the family and said, "Look, you have this bank. It's great. Here's what we can do with it." When I recognized how clean the bank was, I mean, it's pristine. $1.2million- $1.4 million in revenue with $200,000- $400,000 in profit. If you know call reports, if you look at banks, nothing ever in 30 days past due. It was so beautiful. I felt like we had to go. I went to the bank over and over and over. Eventually, I dragged Craig with me. We sat with the family, and we persuaded them to sell to us. The bank might be a better acquisition than the correspondent clearing firm. If you've seen our numbers, again, month- over- month, tripling of revenue, 7x net income year- over- year, wait until you see Q1. How do you plan the transaction? Shares or? Yeah. For the personal bank core? Yeah. The way it's structured right now is it'll be two-thirds in equity, one-third in cash. I know we've got to wrap up here. One of the things about it is for people that understand banking, to go out and get a Fed member or even to start and try to get a Fed member, De Novo, meaning go through the full process, it's a $20million- $25 million investment. All in, and that may be conservative. All in on this, when it's all said and done, will probably be around $10 million total to acquire a 110-year-old charter that's clean, profitable, and allows us to do so many other things. If we can, we'd like Alex, is there anyone after us? I'm going to put you on the spot. You have about two questions left. All right. We're not making MSBs and ISOs if we're growing the fintech sector. Hold on. I'll respond to that, sir. We can answer that after because MSBs are not the answer. We will talk about ISOs because that also is a problem under the regulatory structure, in my opinion. Let you and I discuss that because I honor the question and I know the seriousness. Sir. Do you do portfolio margin lending? I feel like I'm up here in a softball thing. What a beautiful question. Our goal, my job, my first job was to get, that's a lot, was to get more capital in. It was to clean up the debt, correct the company, get more capital in. I think Craig and I have done that. My next job is to acquire. Yes, and the goal is to acquire crypto. Under the right custodial structure, you can come to us, and I will portfolio margin you on your Bitcoin, your Ethereum, anything that's, t here's a bad term for it. It's S-coin. Anything that's not an S-coin that we can actually really know and prove is liquid. If you look at it, so there's been all these treasury plays on crypto that have just gone, BS. I mean, just crazy. The treasury plays make sense. They do. They're just holding crypto. Now they've come back down to $1.2million- $1.5 million. Imagine for a second we have Bitcoin or Ethereum, which are valid, liquid instruments and that I believe should be considered as net capital for a brokerage firm or better yet, tier one capital for a bank. The second you have a bank that's holding Bitcoin and the FDIC wakes up and goes, "Hey, this is actually not that much different from anything else that we allow for tier one," then you have a bank that can use that Bitcoin to attract deposits and then lend against it. All of a sudden, you have a Bitcoin treasury play that gives you comfortably 10 to 1 if the other assets are correct. Portfolio margin, I mean, you touched me off, sir, with a great question. Portfolio margin is only part of it. I think we can go further. I think we can get net capital. I think we can get tier one. Because our team knows exactly what it's doing, we'll be able to leverage it. I think we got to cut it there. If you want it on. When you do that? Cut me off from then they can drag me out by the crane. T hat tier one application. How do you get that when the volatility in something like Bitcoin is 80%? It's not up to me for starters. We will start with net capital, which means FINRA and the SEC. We will make that argument first. It really isn't about the volatility. It really is about the liquidity and the readiness of the market. From a FINRA perspective, they may look at us and say, "You've got $100,000 in Bitcoin or $10 million in Bitcoin. We'll apply 15c3-3. The net capital haircut is this." That will also probably happen, I know, Alex. That will probably also happen with the tier one perspective. If we can get even halfway there, then the treasury play, all of a sudden, I promise you, all of the treasury, and maybe that's why Coinbase, Ripple, and I don't know who else applied for bank charters. I think they all did it for the same reason. I think they're thinking this is going to be tier one. If it becomes tier one or if it becomes net capital, and if you're a treasury play and you're not in a bank or a brokerage firm, you're stuck at 1.2x while we will be doing 10x. I'm so sorry. It's been such a pleasure to present to you. I'll be available for any questions. Craig will be available. I could go on all night, which you probably don't want. It's not very fun. Let me know.