Good morning, everyone. Thank you for joining us nice and early, 8:00 A.M. in Las Vegas at this wonderful conference. I think people are still getting some coffee, hopefully you're awake. I'm Craig Ridenhour. I'm the President of AtlasClear Holdings. We're a publicly traded company on the NYSE American, as it says here, ATCH. I'm joined by my partner, John Schaible, who's the Executive Chairman. We're going to go through our deck. We're going to run through it so we can get to some questions and answers. John will take over midway. We're excited to have you here. We're excited for the opportunity to present to you, thank you very much for your time this morning. I always joke about this. I'm married to an attorney. Anyone want me to read this? Anyone an attorney and want me to go through this line by line? Good. Forward-looking statements. Obviously, our presentation's available at our website, you can dig in more. We're always available for questions after that as well. What we're building with AtlasClear Holdings, because we get this all the time, and it says here, which we think is very clever, it's the connective tissue, t hat came from our IR and PR partners, PCG Advisory. They did a wonderful job here. What are we really building? It says it right here. We're building a scalable, regulated financial infrastructure platform for smaller institutions. What we're looking to do is what people are already doing every day. They go into the E*TRADE account. They go in, and they transact in stocks, equities, bonds, things like that. There's an institution that has to custody, clear, and settle that and provide the technology for that. That's what we're doing. We're building that institution that helps people facilitate transactions that they just take it as if it's normally will happen, and basically, at the end of the day, it's not something that's necessarily uncomplicated. At the end of the day, what we're doing is we're bringing all these services together, we're aligning it with financial technology, and we're providing a solution for a market that's really underserved. How did we come into the operation? We went through a de-SPAC real quickly in February 2024. Anyone that's aware of de-SPACs knows they can be ugly. We probably picked the absolute worst time. We had to put on a lot of debt on the books. We had to clean up our balance sheet, do a lot of things. At the end of the day, what we acquired during that de-SPAC was a company called Wilson-Davis, and that's what we're referencing right here. A lot in the audience who are watching right now may know of Wilson-Davis. They've been in operation since 1968. It says here, structure. It's Atlas Clearing, formerly Wilson-Davis & Co., Inc. We are going to rebrand Wilson-Davis. One of the drivers behind that, we're not getting away necessarily from the core business of what they've done in the past, but we're expanding the platform, and we wanted an alignment with our bigger picture of what we're actually looking to do with AtlasClear overall. We will be rebranding that momentarily. It is a SEC and FINRA member. We're also a full member at NSCC/DTC, licensed in 50 states, clearing custody, settlement, and execution services, and generating correspondent clearing revenue today. I want to take a moment right now and talk about Wilson-Davis. John and I had looked at Wilson-Davis probably a decade ago. We were running a private company, and we were looking at it from the perspective of trying to acquire a correspondent clearing firm. When we saw Wilson-Davis, we looked at it and we said, if we came in, put more capital in, and really broaden the platform. Wilson-Davis is primarily operated in the microcap space. We still do that, and we do it very effectively, and we've got a very diligent review process. It's a great business to be in. Let's be honest, microcaps have to have an ability to get into the public markets. We are that facilitator, and we're happy with that business. We looked at it from the perspective of we added a larger capital base, we expand the product offering, and truly start using some of the levers that are available to correspondent clearing firms, just margin lending, stock loan, driving through fixed income, a number of other things. We put this full platform in place. We would have a platform that we could go and target the small institution space. We had seen this a long time ago. We're excited that we acquired them in February 2024, and the results are showing that we're actually moving it forward. Operating substance and compounding. This is the revenue growth year-over-year. I think before I even start the slide real quickly, it's important to note, I think when we acquired Wilson-Davis, they had done about $9 million- $9.5 million in total revenue. We've expanded that quite a bit. We are in a fiscal year of June, so we just finished our third quarter. For the nine months, we were year-over-year, $13.5 million versus $8.1 million for the nine months going into the third quarter, up 67%. Total assets were up 21%, $73.9 million. Cash and restricted, $41.2 million. Stockholders' equity, $22.3 million, which is return positive, because we were -$29.1 million on June 30th. At our lowest point in stockholder equity, I really want to focus on that, because that's where you see the value is we were at almost -$40 million. We have had a complete turnaround, and that's a credit to improving the balance sheet, a lot of the things that we've done. Wilson-Davis itself, we now have $15.2 million in net capital there. We've increased the net capital base about 50% since we acquired them. We've got five executed correspondent agreements. We'll get into that a little bit more. We've got a live platform right now with Dawson James, meaning that's the first large correspondent that we've or larger correspondent that we've signed that are now fully integrated into our platform. We're executing. That's what this slide says. High-demand, low-competition market. As I mentioned before, we looked at Wilson-Davis. We said if we come in and we do all these things, we can target the small institution space. I know a number of us will probably have experience with small institutions. The Pershings of the world, not to single them out, but the Fidelity of the world, they don't want to service the small institution space. If you're a broker-dealer out there and you've got clients that all you're trying to do is you just want to manage their assets, you want to custody, clear, and settle their assets, and manage their assets. You have very few or limited options. Even if you have those options, you have to go through various contracts that give up your margins, your ability to get credit, to all these things. When we look at it, we say we're targeting firms up to $1 billion in revenue. They can be broker-dealers, fintechs. You can read that. At the end of the day, that's our market, up to $1 billion in revenue. Okay. The idea is the demand is shifting. People want integrated custody. When I say people, introducing broker-dealers, these small institutions in banking. Lower-cost clearing, because right now it's very expensive to get clearing. Digital asset capabilities. Let's face it, we all know where the markets are going. It's evident in some of the recent things that have been happening here domestically. Faster onboarding. We're solving all these things. When you go down here, strategic infrastructure build-out, integrated clearing, we have that. Fed member bank, we're working on that. Digital assets, we're looking at things. A scalable platform for the next generation. Again, revenue acceleration, earnings inflection, 84% year-over-year on trajectory. You can see how fiscal 2025, quarter two, we had $2.8 million. Quarter two, fiscal 2026, $5.1 million. You can see the numbers. They're all swinging. We've had a big swing in the earnings inflection, where we had a + $0.05 earnings per share. As it says down here, fiscal 2026 net income of $4.4 million so far, versus a net loss in prior years. Again, we've turned the engine around. These are the steps, 2 and 3 we have right now. Trade, number 1, ARC Financial, Dawson James. We announced that publicly here recently in the last couple of months. What that is going to allow us to do, expand our investment banking placement agent underwriter. It's a really good acquisition, fits into well with what we're trying to build and offer to ultimately our clients, who are going to be other introducing broker-dealers. Clear, we're already doing that. Correspondent clearing with five executed agreements. Those correspondents are various levels of integration at this point. Nonetheless, they're signed, and we're excited about it. Custody and settle infrastructure, we've been improving that within Wilson- Davis, and soon to be Atlas Clearing. Finally, bank, which is Commercial Bancorp, which we announced a couple of months ago. We're right now working with the Federal Reserve. We're in that process. It is a process, right? We're just working through it right now. We're excited about the opportunity. You have two pillars operating today, two meaningful ones that add economics. One fixed cost base, there's three revenue layers. I'm going to work from the ground up. We have a foundation fixed infrastructure, which is about $14 million. Everything becomes accretive and incremental after that. Layer 1 core clearing, we're running at about a $17 million run rate right now on Wilson- Davis, almost a double from when we acquired them. We're executing. Second layer, bank pending. Deposit funding. When we look at the bank, we look at it from this side. Every night, Wilson- Davis has cash on hand for their clients. Wilson- Davis is not a bank. It has to sweep it to a third-party institution. If we're successful and acquire Commercial Bancorp, then we're able to do those cash sweeps in our own institution, thereby capturing more net interest margin. Really helps us out a lot. Finally, capital market spending, FINRA with Dawson James. We've not submitted to FINRA directly yet. We're finalizing the documents for the final purchase agreement. We're optimistic we'll be in front of them shortly. And we ultimately think we'll be successful, but it's always a regulatory body, so you never know. Ultimately, you add all this up, and all of a sudden, we've got a $45 million run rate as an institution. We're very excited. Again, finally, and then I'm going to hand it over to John, Dawson James is the first live big one that we brought on, but we've got five agreements at various stages. What we had to do is with Dawson James, we had to improve the technology. We had to redo our entire technology stack. Okay, that took longer. Now that it's in place, go to the second bullet, which is infrastructure upgrade, support scalability. Now, next wave of correspondents with proportional cost, meaning we can onboard them more quickly. Okay. Our costs are controlled right now around $14 million, and so we can really expand it. Five executed agreements, high margin, incremental revenue. Very excited about where we are right now. We think we've got a very bright future. Appreciate your time. I'm going to hand it over to John. Thank you, Craig. Can you guys hear me okay? Good morning. Make sure I go the right direction. What have we put together so far in this process? We have Wilson- Davis, which is the correspondent clearing firm, been around since 1968. I do want to clarify, because the previous slides might not have been clear. We can trade through Wilson- Davis. We do underwriting through Wilson- Davis. One of the reasons we were motivated to acquire Dawson James, beyond the fact that it's a good and profitable company, is we want to move those activities off of our clearing license and into a separate introducing broker. In conjunction with what we're doing today at Wilson- Davis, and Dawson James, and Commercial Bancorp, which trailing revenue is about $1.9 million, and net income there is about $500,000. Total trailing is about $45 million. We signed a letter of intent in April to acquire Dawson James, and that's going to be a combination of cash and stock. I don't know if you have a lot of familiarity with purchasing broker-dealers, but the two-step process is fairly standard, where you can acquire up to 24.9% of a broker-dealer without FINRA approval. The remaining 75+ requires final approval. The purchase agreement that Craig referenced, we're optimistic we'll have done very shortly. Inside that purchase agreement is clarity in terms of how much cash and how much stock. As soon as we have that, we will of course make that public so people can measure the additional revenue and value versus the dilution from the acquisition of Dawson James. We are very excited about it because Dawson James is an extraordinarily well-run enterprise. We've done the diligence. We think in addition to that, Bob Keyser, the CEO, is on our board. It's a great team there. The bank is a similar situation. We want the bank so we can sweep deposits to our own bank. That really is the primary function. We accrete a lot of customer cash in our activities. We send that today to Bank of Montreal. We don't get any internalized synergy from that. We can correct that by owning our own bank. We signed that deal. That is definitive. They're taking 73% of the purchase of their company in stock and the rest in cash. We filed a couple of months ago with the Federal Reserve, and we're working through the approval process. I can say we have previously built a bank holding company before. That took us about 16 months to get through the regulatory process. Things seem a little bit faster in this administration. Really can't give clarity until we know we're approved, when that's going to happen. We're optimistic things will go the way we want, and then we'll have the complete platform. Craig mentioned the stockholders' equity inflection. We are very proud of this. Stockholders' equity closed at $22.3 million. When I look at stocks that I want to buy, stockholders' equity is one of the first things I look at. We have reversed it to the tune of over $60 million from where we were post-de-SPAC. We're excited about the liquidity position we have, our cash position, the way fundamentally the company continues to get financially stronger as it grows. We also accepted an investment in October from some strategic investors. We took in $20 million. That helped us clean up the rest of our balance sheet. This slide says that we've erased 95% of de-SPAC liabilities. I think that's much closer now to actually 100%. I can't think of anything left from the de-SPAC that we haven't paid off. We eliminated our going concern qualification that the auditors put on us. We have a long-dated five-year note with one of our primary investors, a fund called Funicular Fund, that has been supportive since de-SPAC and is strategic. We are financially, and from an equity perspective, in an excellent position to continue to grow, and we do want to continue to grow via acquisition and organically. Client base expansion. Operating a correspondent clearing broker-dealer, the design to scale is to add introducing brokerage firms. A smaller introducing firm that maybe has underwriting and retail. When we're successful in signing them on board, unfortunately, they don't just immediately move all their business over. They increment their business over to us. As they do that, they really become dependent on their services. It's extraordinarily hard and challenging for brokerage firms to trade their clearing firms out. They can lose customers, things can be slow, positions can get messed up. The risks are often hard to measure. From our perspective, as we add introducing brokerage firms, every time we add one, we get more assets under management, which means we can do more stock loan, and we can do more margin lending, and we can run more transactions. We get more scale. If you look at us today, Craig mentioned we need about $14 million to be break even. We're well past that now, and we've just begun to increment on these corresponding clearing firms that we've signed. I think as this year unfolds and as those companies come to us with more and more of their business, our margins are going to improve above what they already are and will become significantly more profitable because we are at scale now. We are going to finalize the correspondent pipeline. We have five executed. We are not even doing any marketing. I can tell you our biggest challenge is managing the interest and the growth from the correspondent clearing level. The market is massively underserviced. We have corrected the technology at Wilson-Davis. We have corrected the management team and made it much more efficient. We really are a destination that I think people are looking at to bring their business to. With that, we want to integrate the bank for the deposit sweeps. Through Dawson James, we can improve our capacities to do underwriting, and our operating leverage, we hope and think, will just continue to get better. I have been in this space for 30+ years now, primarily in fintech. Built and sold a couple of companies, NexTrade, Matchbook FX, a U.S. bank. This has been my interest and my passion for the last 30 years, and it has put me in a position where now I think I am arguably the most knowledgeable, certainly, that I have ever been, and probably the most qualified to help put something like this together. Craig and I have been working together for over 30 years. Craig is expert in business development. Craig has also really honed market structure skills working with us. We are very fortunate to have Craig because Craig, seriously, is perhaps the best business development executive I have ever worked with. Sandip Patel is our General Counsel and Chief Financial Officer. Sandip helped build a company called Wellcare Financial, which he sold to the Soros Fund, and then it became, for a time, Soros' number one performing investment. After he had that monetization event, he joined our family in a bank holding company we built in the States called Anderen Financial as a primary investor and a board member, and he has been working with us ever since. Ilya Bogdanov is our Chief Technology Officer. Ilya helped build DoubleClick. He built the SURFACExchange. He is an absolute genius, and he has been with us for 15 or 16 years now. We have someone that we can trust in technology. I am also very proud of the board of directors because that really is where ultimate management comes down, and our board of directors is very serious and often challenging with which to work because they know what needs to happen to make things work. Been through me, Craig, and Sandip. Steve Carlson was the former head of emerging markets for Lehman Brothers. He was the President of one of our primary competitors, StoneX. He ran StoneX Securities. He runs today a company called Pi Capital and Marco Polo Securities. He is also the Chairman of another publicly traded company called Roadzen. Steve has 35, 40 years of trading, clearing, and settlement experience. You'll pick up a theme in our board. All of us have been in this space, and all of us have successfully executed in this space, and this is the board upon which the company can rely for sound advice. Tommy Hammond, Tom was a CEO of the Chicago Board of Trade. He was the President of ICE Clear. I will argue until I'm blue in the face, he's one of the premier clearing experts in the world. We are fortunate to have him because when I was very young and not sure how to build certain things, I approached him on a product that I was trying to develop, and he guided me through how to monetize it. He became my mentor. He joined the board of NexTrade. He helped us monetize it. Tom is not just a trusted friend. I think he's the best in the business. Most recent addition to our board is Bob Keyser. Bob was the founder of Dawson James. Bob probably forgets more about microcap underwriting and microcap space than I'll ever know. He adds a different perspective to our board, but he does it from an expert perspective. That's AtlasClear in a nutshell. Happy to open the floor for questions if anyone has one. Will the addition of Dawson James actually expand their capabilities, their approvals, and Davis as well? Yes. Combined, we'll have more capital, we'll have less limitation on how much and what kinds of microcap we can deal. Yes. Good. Let me understand the market. What were the circumstances that led to this portion of the market being underserved that you're stepping into? Well, we've got five minutes left. We've got a five-hour discussion. No, at the end of the day, post-credit crisis in 2008, the world changed. We had a number of regulations come in. We all know them. What happened was there was a lot of things that happened globally also from a finding a regulatory fine standpoint that really caught everyone's attention. If you're Pershing or you're Fidelity or you're some of these big ones, and you've got these small institutions, there's a lot of compliance risk for you at that level when you're dealing in microcaps and things like that. Consequently, they look at it and they say, "Why do we want to clear for them, 50 of them, even though they can be very profitable, when we can go out and we can clear for the much larger institutions?" It was really a shift from a regulation standpoint that caused them to look at their models and say, "It's just not, from a risk management perspective, something we want to do." That's really simplified down, but the landscape really changed post-2008. Consequently, they've never come back to this space. There's really only a few that operate in this space. When I say that, it's the small institution space. It's the $1 billion or less in revenue. It's not that they're not wonderful clients, these small broker-dealers. You just have to have the infrastructure and like, for instance, for the microcap review process that we have, in order to be comfortable to take that business off. It's a combination of everything, and now it's also now putting a platform together and giving them actual world-class technology. That's kind of the summary. We could talk a lot more beyond that, but that's kind of why the landscape changed. Alright. With the Dawson James transaction, have you taken the interim step, or are you going to take the interim step to 24.9%, or is it just clear flat? That's a great question. We have not taken the interim step yet. We are working on finalizing the actual purchase agreement. We anticipate that very soon, then we'll file the CMA. Is the goal to actually buy 24.9%? The goal is to buy 24.9% first. Complete it thereafter. Yes, sir. Yes. Once we have the purchase agreement finalized, we'll be able to obviously share the details of the purchase agreement. Right now, they're still being negotiated through, but we're pretty close on the purchase agreement. Yes. You're showing the increase in revenues and profitability of Wilson-Davis. If I understand correctly, a lot of that is not prior to onboarding these new correspondents. Almost entirely. We've just started really. We finished the integration for Dawson James, and they're incrementing their business over to us. The super majority of the revenue growth that we're reflecting really is from stock loan, which previous to our acquisition of Wilson-Davis, they weren't doing it. We thought that was a really unmined revenue source, and we've proven correct. I'm very excited about reporting next quarter stock loan revenues. The growth we're showing is not even with incrementing the additional customers we've onboarded. Well, what are the plans? You alluded to the inertia of digitalization and tokenization, and it's going there with everybody, right? Exchanges are doing it. Coinbase came out yesterday and started credit tokenization. How are you guys addressing that going forward? What are your plans around that? May I? Sure, absolutely. We're looking at that from a couple different prongs. We think that recent guidance from the SEC and the CFTC, SEC memorandum, and our status as a carrying firm and clearing broker-dealer affords us a position that we're trying to work through with the SEC, in terms of no-action letter, to make sure that if we go out and we step into it, we can do it the way we think we can do it. Until we get that clarity, we're not going to do it. We're also actively pursuing acquisitions, but any acquisition we're looking at is for a licensed someplace, U.K., Cayman, whatever, enterprise, and that's going to be depending on the jurisdiction. It could be 6, 12, 18 months until we could bring it into the fold. We've got two major prongs going, acquisition and through our own broker-dealer if possible. Yeah. One thing on the acquisitions, I know we're running out of time here, we can also talk outside of this. When we look at acquisitions, and we've stated before, we don't look at acquisitions just for acquisition's sake. We look at acquisitions, are they accretive? Do they add to our technology stack? Do they also add to where we think the markets are going to be, which is rapidly developing over the next 5, 10, 15 years? We're very selective, and we take it through that process. Again, we're in acquisition mode. We see things all the time, but we're very selective on what we want to pursue because it has to fit our long-term goals, and also it has to be accretive to our revenues. People, systems, capital. All those have to be right. Yeah. I think that's. Well, thank you guys very much. Yeah. Thank you very much for your time today.