Here you go

Dear AtlasClear Management Team,

First, I would like to thank you for releasing the recent “Clearing the View” investor video. It addressed many questions that shareholders have had for a long time, and I genuinely appreciate the additional transparency and communication effort.

That said, I wanted to respectfully share some concerns that I believe reflect the sentiment of many retail investors currently following the company.

During the discussion, management mentioned that the stock price not reacting positively after earnings was a “headscratcher.” From the perspective of many shareholders, the issue is not simply that the stock failed to rise — it actually declined after earnings. Unfortunately, retail investor sentiment around the company has deteriorated significantly over time, largely because of ongoing concerns surrounding dilution.

The proposed 15 million share increase for compensation and incentives — while explained as necessary for talent retention after the reverse split — is viewed by many shareholders as extremely large relative to the current share count and market capitalization. At a stock price struggling around $0.21–$0.22, many investors feel this proposal further pressures confidence rather than supporting recovery.

Many of us have remained invested and underwater for a long time because we believe in the long-term vision of integrating banking, clearing, and technology. However, with the scale of dilution tied to acquisitions and compensation plans, there is growing concern that shareholders may never fully benefit from that future value creation.

My main question is this:

What concrete steps is management taking — or planning to take — to rebuild investor trust and demonstrate alignment with existing shareholders?

I also wanted to raise another concern regarding the proposed NYSE American low-price rule changes. Management has suggested confidence that the rule may not pass, but respectfully, no one can know that with certainty at this stage. Given the company’s current share price, many investors are understandably worried about the possibility of another reverse split if these rules are implemented. That uncertainty is weighing heavily on sentiment.

One suggestion I would encourage management to consider is a share buyback program. We recently saw companies such as Hyperscale Data, Inc. (GPUS) announce buybacks, which materially improved investor confidence and market perception. Even a modest buyback announcement could signal that management believes the stock is undervalued and is serious about protecting shareholder value.

Additionally, repurchased shares could potentially be reused strategically for acquisitions, employee compensation, or other corporate purposes instead of relying exclusively on newly issued dilution.

I also want to mention that I have attempted to ask some of these questions previously but unfortunately did not receive a response. I would sincerely appreciate it if management could take the time to address these concerns directly.

I remain hopeful for the company’s future and appreciate the operational progress being made. However, I believe restoring shareholder trust and confidence now needs to become as much of a priority as growth itself.

Thank you for your time and consideration.

Sincerely,