AppTech Payments Secures $5M Investment from AFIOS Partners
In a significant development, AppTech Payments (APCX) has announced a $5 million investment in its common stock from AFIOS Partners. This strategic move is expected to bolster the company’s growth prospects and strengthen its financial position.
Board Restructuring and New Appointments
As part of the transaction, AppTech Payments has reduced its Board of Directors from seven members to five. The company has also appointed three new members to its Board: Albert Lord, Thomas Kozlowski Jr., and Calvin Walsh. These appointments bring a wealth of experience and expertise to the company’s leadership team.
Capital Commitment and Securities Package
As of December 16, 2024, AppTech Payments has received $2.5 million of the total $5 million capital commitment from AFIOS Partners. The investment package includes up to 5.2 million shares at an average price of $0.96 per share, as well as approximately 13 million warrants with prices ranging from $0.90 to $1.20. If fully exercised, these warrants could provide the company with up to $14 million in new common equity.
Changes to the Board of Directors
As a result of the transaction, four previous Board members have resigned: Christopher Williams, Michael O’Neal, William Huff, and Mengyin Liang “Roz Huang”. This restructuring is expected to bring fresh perspectives and ideas to the company’s leadership team.
Unlocking Growth Potential
With this significant investment and Board restructuring, AppTech Payments is poised to unlock its growth potential and drive success in the future. The company’s commitment to innovation and excellence is expected to yield positive results for its stakeholders.
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