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AppTech Payments announces pricing of $15.0m underwritten public offering and Nasdaq listing

By Edlyn Cardoza

January 05, 2022

  • APCX
  • APCXW
  • AppTech Payments Corp
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AppTech Payments, FinTech, Underwritten Public Offering, Common Stock, Nasdaq Capital Market, USAAppTech Payments Corp., a FinTech company powering commerce experiences, recently announced the pricing of its underwritten public offering of 3,614,458 units, each unit consisting of one share of common stock and one warrant to purchase one share of Common Stock, at a public offering price of $4.15 per unit, for aggregate gross proceeds of approximately $15.0 million, prior to deducting underwriting discounts, commissions, and other estimated offering expenses.

The Common Stock and Warrants comprising the units are immediately separable and issued separately. Each Warrant permits the holder to purchase one share of common stock at an exercise price of $5.1875 (125% of the per-unit offering price) and expires five years after the date of issuance. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 542,168 shares of Common Stock and/or additional Warrants at the public offering price per security, less the underwriting discounts and commissions, to cover over-allotments, if any. The offering is expected to close on or about January 7, 2022, subject to the satisfaction of customary closing conditions.

The Company has received approval to list its Common Stock and Warrants on the Nasdaq Capital Market, with its Common Stock trading under the symbol “APCX” and the Warrants trading under the symbol “APCXW”, with trading expected to begin on January 5, 2022. In connection with the offering, the Company will effectuate a reverse split of its issued and outstanding Common Stock at a ratio of 1-for-9.5. The reverse stock split is expected to be effective on or about 12:01 a.m. Eastern Time, on Wednesday, January 5, 2022.

EF Hutton, division of Benchmark Investments, LLC, is acting as sole book-running manager for the offering.

Recently, IBS Intelligence reported that AppTech Payments Corp., a FinTech company powering commerce experiences, announced that Aram A. Aghapour has joined their senior leadership team as Senior Vice President of Research, Development, and Infrastructure Operations. Aghapour joins them from application security firm Microfocus Fortify, where he helped some of the world’s largest financial firms build out and maintain their DevSecOps programs and improve their overall application security posture.

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