Breaking #Fintech #Stock News: AppTech
Payments Corp. (NASDAQ: $APCX)
Announces Closing of $5.0
Million Registered Direct Offering and Concurrent Private Placement; @AppTechCorp
CARLSBAD,
Calif., February 02, 2023 (Investorideas.com
Newswire) AppTech Payments Corp. (AppTech) (NASDAQ: APCX), (the “Company” or “AppTech”), an innovative
Fintech company powering seamless, omni-channel commerce between businesses and
consumers, today announced the closing of its previously announced $5.0 million
registered direct offering (the “Registered Direct Offering”) with a single
institutional investor to sell 1,666,667 shares of its common stock (the
“Shares”) and warrants to purchase up to 1,666,667 shares (the “Warrants”) in a
concurrent private placement (the “Private Placement”). The combined purchase
price for one Share and one Warrant was $3.00. Each of the Warrants will have
an exercise price of $4.64 per share of common stock and are exercisable on and
after August 1, 2023. The Warrants will expire five years from the date on
which they become exercisable. The aggregate gross proceeds from the Registered
Direct Offering and the concurrent Private Placement were approximately $5.0
million before deducting placement agent fees and other estimated offering
expenses.
Read his news, featuring APCX in full
at https://www.investorideas.com/CO/APCX/news/2023/02021Closing-Private-Placement.asp
AppTech
intends to use the net proceeds from this offering and its existing cash for
general corporate purposes, including integrating Commerse™ platform clients,
acquisition capital, retiring all loan forbearance agreements, and working
capital.
EF
Hutton, division of Benchmark Investments, LLC (“EF Hutton”) acted as the
exclusive placement agent for the offering.
Nelson
Mullins Riley & Scarborough LLP acted as legal counsel to AppTech and
Carmel, Milazzo & Feil LLP acted as legal counsel to EF Hutton.
The
Shares are being offered pursuant to a shelf registration statement on Form
S-3, as amended (File No. 333-265526) previously filed on June 10, 2022 and
declared effective by the Securities and Exchange Commission (“SEC”) on July
15, 2022. The offering of the Shares was made only by means of a prospectus
supplement that forms a part of the registration statement. The Warrants issued
in the Private Placement and the shares issuable upon exercise of such warrants
were offered in a private placement under Section 4(a)(2) of the Securities Act
of 1933, as amended (the “Act”), and Regulation D promulgated thereunder, have
not been registered under the Act or applicable state securities laws and may
not be offered or sold in the United States absent registration or an
applicable exemption from registration requirements.
A
prospectus supplement describing the terms of the Registered Direct Offering
and a Form 8-K relating to the Registered Direct Offering were filed by AppTech
with the SEC and are available on the SEC’s website at http://www.sec.gov. An
electronic copy of the prospectus supplement is available by contacting EF
Hutton, division of Benchmark Investments, LLC, Attention: Syndicate
Department, 590 Madison Avenue, 39th Floor, New York, NY 10022, by email
atsyndicate@efhuttongroup.com, or by telephone at (212) 404-7002.
This
press release shall not constitute an offer to sell or the solicitation of an
offer to buy any of the securities described herein, nor shall there be any
sale of these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state or jurisdiction.
About AppTech Payments Corp.
AppTech
Payments Corp. (NASDAQ: APCX) is an innovative Fintech company whose mission is
to deliver a better way for businesses to provide their customers with
customizable, immersive commerce experiences. Commerse™, its all-new,
patent-backed technology platform powering seamless omni-channel Commerce
Experiences-as-a-Service (CXS), drives highly secure, scalable, cross-border
digital banking, text-to-pay, and merchant services altogether from a single,
unified stack designed to increase operational efficiencies and growth for
businesses while providing the economic convenience their customers demand from
today’s commerce experiences. For more information, visit apptechcorp.com.
Forward-Looking Statements
This
press release includes “forward-looking statements” within the meaning of U.S.
federal securities laws. Words such as “expect,” “estimate,” “project,”
“budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,”
“should,” “believes,” “predicts,” “potential,” “continue” and similar
expressions are intended to identify such forward-looking statements. These
forward-looking statements involve significant risks and uncertainties that
could cause the actual results to differ materially from the expected results
and, consequently, you should not rely on these forward-looking statements as
predictions of future events. These forward-looking statements and factors that
may cause such differences include, without limitation, the risks disclosed in
the Company’s Annual Report on Form 10-K filed with the SEC on March 31, 2022,
and in the Company’s other filings with the SEC. Readers are cautioned not to
place undue reliance upon any forward-looking statements, which speak only as
of the date made. Except as required by law, the Company disclaims any
obligation to update or publicly announce any revisions to any of the
forward-looking statements contained in this press release.
Investor Relations Contact
Ben
Shamsian
Lytham
Partners, LLC
646-829-9701
Media Contact
KCD
PR for AppTech Payments Corp.
AppTech@kcdpr.com
619-252-9111
AppTech Payments Corp.
760-707-5959
AppTech Payments Corp. (APCX) is a featured tech stock on
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