AppTech Payments Corp. announced that AFIOS Partners invested $5 million in the common stock of the company. This initial investment is part of a larger package, with AFIOS acquiring up to 5.2 million shares at an average price of $0.96 per share.
The transaction also includes approximately 13 million warrants to acquire common shares, priced between $0.90 and $1.20. If fully exercised, these warrants could provide AppTech with up to an additional $14 million in new common equity.
In connection with this investment, AppTech reduced its Board of Directors from seven to five members. Albert L. Lord, Thomas J. Kozlowski Jr., and Calvin D. Walsh were appointed to the Board, while Christopher Williams, Michael O’Neal, William Huff, and Mengyin H. Liang “Roz Huang” resigned.
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