AppTech Corp. Announces it is Seeking a Reverse Stock Split in Anticipation of its Application to Nasdaq

Rhea-AI Summary

AppTech Corp. (OTC: APCX) is preparing to file for NASDAQ Capital Market listing, necessitating a reverse stock split to meet minimum share price requirements. The reverse split ratio could range from 1-for-2 to 1-for-12, pending shareholder approval. This action aims to reduce the number of outstanding shares, thereby adjusting prices for Series A Preferred Stock and outstanding stock options. AppTech is a fintech company focused on innovative payment processing solutions and business services, including a text payment system and digital marketing solutions.

Positive

• Preparation to file for NASDAQ listing could enhance visibility and credibility.
• Reverse stock split may improve stock price and meet NASDAQ requirements.

Negative

• Reverse stock split may dilute shareholder value.
• Dependence on shareholder approval adds uncertainty.

CARLSBAD, Calif., Feb. 08, 2021 (GLOBE NEWSWIRE) -- AppTech Corp. (“AppTech“)(OTC: APCX), a fintech company, today announced that it is preparing to file an application to be listed on the National Association of Securities Dealers Automated Quotations (“NASDAQ”). In order to uplist to the NASDAQ Capital Market, AppTech must trade at the requisite minimum price per share. To meet this listing requirement of the NASDAQ Capital Market, the company shall seek to perform a reverse stock split of its common stock. AppTech shall pursue the approval of a majority of its voting stock by written consent in lieu of a special meeting of the stockholders to amend the Company’s Certificate of Incorporation to affect the reverse stock split at a ratio determined by the Company’s Board of Directors within a ratio of not less than 1-for-2 and not greater than 1-for-12.

If approved, the reverse stock split will reduce the number of shares of the Company’s common stock currently outstanding. Proportionate adjustments will be made to the conversion price of the shares of the Company’s Series A Preferred Stock currently outstanding, the per share exercise price and the number of shares of common stock that may be purchased upon exercise of outstanding stock options granted by the Company, and the number of authorized shares of common stock reserved for future issuance.

About AppTech (OTC: APCX)
AppTech Corp. is a financial technology company utilizing innovative payment processing technologies to complement its core merchant services capabilities. Its patented and proprietary software for merchant services, text marketing and lead generation are licensable or available through a suite of synergistic offerings. AppTech is developing an enterprise-grade text payment system using the simplicity and familiarity of text messaging with multi-factor authentication to ensure security. AppTech also offers digital marketing, software development, mobile app development, website development, website hosting & comprehensive payment processing for brick-and-mortar operations, e-commerce and ACH. For more information about our company, please visit: www.apptechcorp.com

Forward Looking Statements
This press release contains forward-looking statements, as that term is defined in the Private Litigation Reform Act of 1995, that involve significant risks and uncertainties, including statements regarding anticipated third quarter results. Forward-looking statements can be identified through the use of words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “may,” “will,” “should,” and variations of these words or similar expressions. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect AppTech Corp. current expectations and speak only as of the date of this release. Actual results may differ materially from AppTech Corp. current expectations depending upon a number of factors. These factors include, among others, adverse changes in general economic and market conditions, competitive factors including but not limited to pricing pressures and new product introductions, uncertainty of customer acceptance of new product offerings and market changes, risks associated with managing the growth of the business, and those other risks and uncertainties. Except as required by law, AppTech Corp. does not undertake any responsibility to revise or update any forward-looking statements.

Contacts:

AppTech Corp. Investor Relations
ir@apptechcorp.com
(760) 707-5955

James S. Painter III
Emerging Markets Consulting, LLC
jamespainter@emergingmarketsllc.com
www.emergingmarketsllc.com 
(321) 206-6682

FAQ

What is AppTech Corp. planning regarding its NASDAQ listing?

AppTech Corp. is preparing to file for a NASDAQ Capital Market listing and plans a reverse stock split to meet minimum share price requirements.

What is the proposed reverse stock split ratio for AppTech Corp.?

The proposed reverse stock split ratio for AppTech Corp. could range from 1-for-2 to 1-for-12.

How does the reverse stock split affect existing shareholders of APCX?

The reverse stock split may reduce the number of shares outstanding, potentially diluting shareholder value.

When will AppTech Corp. seek approval for the reverse stock split?

AppTech Corp. plans to pursue approval of the reverse stock split through written consent from a majority of its voting stock.

What are the main services offered by AppTech Corp.?

AppTech Corp. offers financial technology solutions including payment processing, text marketing, and digital marketing services.