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AppTech Payments Corp. Announces Pricing of $2.0 Million Underwritten Public Offering of Common Stock

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AppTech Payments Corp. (APCX) announces the pricing of a public offering of 2,000,000 shares of common stock at $1.00 per share, aiming to raise $2.0 million for business integration and general corporate purposes. The underwriters have an option to purchase an additional 300,000 shares. The offering is expected to close on March 27, 2024.
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AppTech Payments Corp.'s recent move to price their public offering at $1.00 per share reflects a strategic decision by the company to raise capital, which is indicative of its need to fund operations and growth initiatives. With a relatively modest raise of $2.0 million, the intended use of funds for integration of existing business, working capital and general corporate purposes suggests a focus on strengthening the company's operational base rather than aggressive expansion.

The additional 45-day option for underwriters to purchase up to 300,000 additional shares is a common over-allotment strategy, which could potentially increase the total capital raised and provide a buffer for market fluctuations. The role of EF Hutton LLC as the sole book-runner is noteworthy; their reputation and network could influence the offering's success. However, the pricing at $1.00 per share could imply a valuation that investors might scrutinize, considering the market conditions and the company's financial health.

The fintech sector is highly competitive and AppTech's public offering pricing suggests a strategic maneuver within this dynamic landscape. The modest gross proceeds signal a targeted approach, possibly due to market conditions or the company's specific capital needs. Investors should consider the broader fintech market trends, such as technological advancements, regulatory changes and consumer adoption rates when evaluating this offering.

Furthermore, the timing and reception of this offering might reflect investor confidence in AppTech's business model and future prospects. The use of a 'shelf' registration statement indicates a pre-planned capital raising strategy, allowing the company to act swiftly in favorable market conditions. The offering's success could also be an indicator of the market's appetite for fintech investments at this juncture.

The legal framework surrounding this public offering, particularly the use of a 'shelf' registration statement, is a strategic legal maneuver. It allows AppTech to have a registration statement on file with the SEC, enabling them to issue securities quickly. This method is often used by companies who seek flexibility in timing the market for their offerings.

Investors should note that the offering is subject to customary closing conditions and regulatory compliance. The company's adherence to SEC regulations, including the filing of a final prospectus supplement, is important for the offering's legality and investor protection. The explicit disclaimer in the press release, stating the absence of an offer to sell or the solicitation of an offer to buy in states where it would be unlawful, underscores the importance of regulatory compliance.

CARLSBAD, Calif., March 26, 2024 (GLOBE NEWSWIRE) -- AppTech Payments Corp. (Nasdaq: APCX) (“AppTech” or the “Company”), a pioneering fintech company powering frictionless commerce, today announced the pricing of its previously announced underwritten public offering of 2,000,000 shares of its common stock at a public offering price of $1.00 per share for aggregate gross proceeds of approximately $2.0 million, prior to deducting underwriting discounts and other offering expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 300,000 shares of common stock at the public offering price per share, less the underwriting discounts to cover over-allotments, if any. The offering is expected to close on March 27, 2024, subject to satisfaction of customary closing conditions.

EF Hutton LLC is acting as the sole book-runner for the offering.

AppTech intends to use the net proceeds from the offering for integration of existing business, working capital and general corporate purposes.

The securities are being offered by the Company pursuant to a "shelf" registration statement on Form S-3 (File No. 333-265526), including a preliminary prospectus supplement filed with U.S. Securities and Exchange Commission (the "SEC") on March 26, 2024 and the and accompanying base prospectus, filed with the SEC on June 10, 2022, as amended on July 8, 2022, and declared effective on July 15, 2022 and a final prospectus supplement that will be filed on or before March 27, 2024.

Copies of the prospectus supplement and the accompanying prospectus relating to this offering may be obtained, when available, on the SEC’s website at http://www.sec.gov or by contacting EF Hutton LLC Attention: Syndicate Department, 590 Madison Avenue, 39th Floor, New York, NY 10022, by email at syndicate@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. Any offer, if at all, will be made only by means of the prospectus supplement and accompanying prospectus forming a part of the effective registration statement.

About AppTech Payments Corp.

AppTech Payments Corp. (NASDAQ: APCX) provides digital financial services for financial institutions, corporations, small and midsized enterprises (“SMEs”), and consumers through the Company’s scalable cloud-based platform architecture and infrastructure, coupled with our Specialty Payments development and delivery model. AppTech maintains exclusive licensing and partnership agreements in addition to a full suite of patented technology capabilities. For more information, please visit apptechcorp.com.

Notice Regarding Forward-Looking Statements

The information contained herein includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. These statements include, among others, statements regarding the proposed public offering, and the timing of the offering. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as "may," "will," "should," "would," "expect," "plan," "believe," "intend," "look forward," and other similar expressions among others. These statements relate to future events or to the Company’s future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company’s control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Company’s current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to the Company’s operations, results of operations, growth strategy and liquidity. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s most recent Annual Report on Form 10-K and other filings with the SEC. Investors and security holders are urged to read these documents free of charge on the SEC’s website at http://www.sec.gov. Except as may be required by applicable law, the Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Relations Contact
CORE IR
Scott Arnold
scotta@coreir.com

AppTech Payments Corp.
760-707-5959
info@apptechcorp.com


The ticker symbol for AppTech Payments Corp. is APCX.

2,000,000 shares of common stock are being offered in the public offering.

The offering price per share in the public offering is $1.00.

The expected aggregate gross proceeds from the public offering are approximately $2.0 million.

AppTech Payments Corp. intends to use the net proceeds from the offering for integration of existing business, working capital, and general corporate purposes.
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About APCX

apptech is a financial services and information technology company. with electronic payments at its core, the company offers an array of service lines to both business and consumer markets through its branded subsidiaries, transcendent one and transtech one. the company focuses on patented mobile technologies to compliment its product and service offerings. transcendent one is the first and only merchant-owned credit card processing company that offers its merchants shares in our company based on merchant processing volume. the company is a provider of merchant services, including credit card processing, electronic check & ach processing, gift & loyalty card programs, and merchant cash advance services. transtech one offers commercial and residential it services through its regional transtech one retail service centers. the company prides itself as the only information technology services company that offers merchant services and vice versa. headquartered in carlsbad, ca the compa