AppTech Payments Corp., a pioneering Fintech company powering frictionless commerce between business to business and business to consumer, announced that it has entered into a securities purchase agreement with a single institutional investor to purchase approximately $3.5 million of its common stock and warrants in a registered direct offering. The combined effective purchase price for each share of common stock and associated warrant to purchase one share of common stock will be $2.10.
Under the terms of the securities purchase agreement, AppTech has agreed to issue 1,666,667 shares of common stock and warrants to purchase up to 1,666,667 shares of the Company’s common stock from the date of issuance until the fifth anniversary of the issuance date for $2.74 per share, subject to adjustment for stock splits, reorganizations and recapitalization.
Titan Partners Group, a division of American Capital Partners, is acting as sole placement agent for the offering. The offering is expected to close on or about October 26, 2023, subject to the satisfaction of customary closing conditions.
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The shares of common stock and warrants 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 and warrants will be made only by means of a prospectus supplement that forms a part of the registration statement.
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.
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