CARLSBAD, Calif. – AppTech Payments Corp. (NASDAQ: APCX), a provider of digital financial services, today announced significant changes to its executive team, including the departure of its CEO, Luke D’Angelo, and CFO, Julia Yu. Mr. D’Angelo resigned from his role as CEO and Executive Director effective last Monday but will continue to serve as Chairman of the Board. The company has appointed Thomas DeRosa as Interim CEO, who previously held the position of Executive Director of Product & Project Management since August 2023.
Mr. DeRosa brings over four decades of experience in technology and leadership roles, with a history of driving successful initiatives within the company. His appointment comes at a time when AppTech is focusing on strategic acquisitions and financial realignment.
On the same day, AppTech saw the end of Julia Yu’s tenure as CFO and Treasurer. Felipe A. Corrado IV has been appointed to fill these roles. Mr. Corrado has been with AppTech in various financial capacities for approximately three years and brings over twenty years of experience in financial leadership, including roles as CFO, management consultant, CPA, and auditor.
These executive changes come as AppTech continues to offer digital financial services to a range of clients, from financial institutions to small and midsize enterprises (SMEs), through its cloud-based platform and patented technology capabilities. While the company maintains exclusive licensing and partnership agreements and aims to expand its services in the financial technology sector, InvestingPro data reveals current challenges with a negative EBITDA of $10.11 million in the last twelve months. However, analysts project revenue growth of nearly 13% for the upcoming fiscal year. Subscribers to InvestingPro can access over 10 additional key insights and detailed financial metrics about AppTech’s current position and future prospects.
The formal announcement of these changes was made in a Form 8-K filed with the Securities and Exchange Commission today. This leadership transition is part of AppTech’s ongoing efforts to adapt and grow in the dynamic financial technology industry, with the company currently trading below its InvestingPro Fair Value, suggesting potential upside for investors who conduct thorough due diligence.
Investors and interested parties may find additional information about AppTech and its services on the company’s website. This news article is based on a press release statement from AppTech Payments Corp.
In other recent news, AppTech Payments Corp. is confronting the risk of delisting from the Nasdaq Capital Market due to non-compliance with the exchange’s minimum bid price and stockholders’ equity requirements. The company has been actively addressing these issues, including the submission of an appeal to the Nasdaq Hearings Panel for a review of the delisting determination. The final decision from the Panel is yet to be announced, thus the company’s future on the Nasdaq remains uncertain.
In an effort to bolster its financial standing, AppTech has undertaken several strategic initiatives. These include a successful warrant exercise leading to the issuance of over half a million freely tradeable shares and an agreement with a warrant holder that generated an estimated $1.17 million in gross proceeds through the issuance of approximately 1.67 million shares at a reduced price.
The company also priced a public offering of 2 million shares at $1.00 each, managed by EF Hutton LLC, aiming to raise $2 million before deductions. In addition, AppTech announced a strategic partnership with FISB Solutions to modernize core banking systems for community banks. These are among the recent developments within the company.
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