CORRECTION: AppTech Payments Corp. Announces Pricing of $5.0 Million Registered Direct Offering and Concurrent Private Placement
January 31 2023 - 12:01PM
In a release issued earlier today by AppTech Payments Corp.
(Nasdaq: APCX) under the same headline, please note the second
paragraph has been updated. The exercisable date has changed from
July 1, 2023 to August 1, 2023. Also, the Warrants will expire five
years from the date on which they become exercisable rather than
"five and one half years" as originally issued. Complete corrected
text follows:
AppTech Payments Corp. (Nasdaq: APCX) (the
“Company” or “AppTech”), an innovative Fintech company powering
seamless, omni-channel commerce between businesses and consumers,
announced today that it has entered into a securities purchase
agreement with a single institutional investor to purchase
approximately $5 million of its common stock in a registered direct
offering and warrants to purchase common stock in a concurrent
private placement. The combined effective purchase price for each
share of common stock and associated warrant to purchase one share
of common stock will be $3.00.
Under the terms of the securities purchase
agreement, AppTech has agreed to issue 1,666,667 shares of common
stock. In the concurrent private placement, which will be
consummated concurrently with the offering, AppTech also has agreed
to issue warrants (the “Warrants”) to purchase up to an aggregate
of 1,666,667 shares of common stock. 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.
EF Hutton, division of Benchmark Investments,
LLC, is acting as exclusive placement agent for the offering. The
offering is expected to close on or about February 1, 2023, subject
to the satisfaction of customary closing conditions.
The shares of common stock are being offered
pursuant to a shelf registration statement on Form S-3 (File No.
333-265526) previously filed and declared effective by the
Securities and Exchange Commission (SEC) on July 15, 2022. The
offering of the shares of common stock will be made only by means
of a prospectus supplement that forms a part of the registration
statement. The warrants issued in the concurrent 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.
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, division of Benchmark Investments, 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.
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 ShamsianLytham Partners,
LLCshamsian@lythampartners.com646-829-9701
Media Contact
KCD PR for AppTech Payments
Corp.AppTech@kcdpr.com619-252-9111
AppTech Payments Corp.
info@apptechcorp.com760-707-5959
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