AppTech Payments Corp APCX shares are trading lower by 14.4% to $2.34 Tuesday morning after the company disclosed that it is conducting a registered direct offering to an institutional investor.
The investor is set to acquire approximately $3.5 million worth of common stock and warrants. Each share of common stock, along with a warrant to purchase an additional share, will have an effective purchase price of $2.10.
AppTech will issue 1,666,667 shares and corresponding warrants, which can be exercised at $2.74 per share within five years from the issuance date, with possible adjustments.
The closing of the transaction is anticipated around October 26, pending the fulfillment of standard closing conditions.
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According to data from Benzinga Pro, APCX has a 52-week high of $5.37 and a 52-week low of $0.59.
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