AppTech Payments announces $5M common equity raise, reduces board size

AppTech Payments (APCX) announced that AFIOS Partners invested $5M in the common stock of the Company. In connection with the transaction, the Company reduced its Board to five members from seven and appointed Albert Lord, Thomas Kozlowski Jr., and Calvin Walsh to its Board of Directors. As of December 16, 2024, the Company had received $2.5M of the $5M capital commitment. AFIOS will acquire a package of securities that includes up to 5.2M shares at an average price of $0.96 per share and approximately 13M warrants at prices ranging from between $0.90 and $1.20. If fully exercised, the warrants would provide AppTech with up to $14M in new common equity. Previous Board members Christopher Williams, Michael O’Neal, William Huff, and Mengyin Liang “Roz Huang” have resigned as directors.