AtlasClear signs definitive agreement for Ark Financial Services, completes 24.9% purchase

AtlasClear Holdings said Oct. 15 it signed a definitive agreement to acquire Ark Financial Services, parent of Boca Raton-based investment bank Dawson James Securities. It closed the purchase of 24.9% of Ark's outstanding equity concurrently with signing and expects to acquire the remaining 75.1% once FINRA approves the deal and other closing conditions are met.

On the companies' most recent fiscal years, combined total revenues plus interest income were approximately $47.0 million, compared with $21.9 million for AtlasClear standalone. AtlasClear labels the combined figure non-GAAP because the companies classify interest income differently: AtlasClear records interest income earned on balances at its broker-dealer subsidiary in other income, while Dawson James includes it in revenue.

The prior-year combined figure was approximately $23.5 million, which AtlasClear describes as growth of approximately 100%. On GAAP total revenues alone, the two companies reported approximately $45.2 million combined, up approximately 110% from approximately $21.5 million. Because the prior-year number also combines the two companies, the roughly 100% increase is not an artifact of combining two revenue lines; it reflects both revenue lines rising between periods.

AtlasClear says approximately 73% of combined total revenues plus interest income came from sources other than brokerage commissions. It attributes AtlasClear's fiscal 2026 growth to stock locate fees and Dawson James's revenue primarily to investment banking and advisory fees. Dawson James was profitable in 2025, reporting audited net income of approximately $2.4 million.

The combined totals blend periods that end six months apart, whichever way they are presented: AtlasClear's fiscal year closed June 30, 2026, and Dawson James's closed Dec. 31, 2025. Subtracting AtlasClear's standalone $21.9 million from the combined $47.0 million leaves roughly $25 million attributable to Dawson James on the same basis. That is an arithmetic residual from the release's own rows, not a reported standalone figure for Dawson James.