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CARLSBAD, Calif. - AppTech Payments Corp. (NASDAQ: APCX), a fintech company currently trading at $0.43 per share, has been granted conditional approval by the Nasdaq Hearings Panel to maintain its listing on the Nasdaq Stock Market. The company must meet specific requirements, including addressing a shareholders’ equity deficiency and a $1 minimum bid price per share by set deadlines. The stock has declined over 75% in the past year, with particularly volatile trading patterns.
The Panel’s decision requires AppTech to file a public disclosure by March 31, 2025, confirming the resolution of its equity deficiency. This information is expected to be included in AppTech’s 2023 10-K filing, scheduled for on or before March 15, 2025. Additionally, the company has been given until May 5, 2025, to meet Nasdaq’s minimum bid price requirement. AppTech has expressed confidence in meeting these conditions organically, citing compliance with the Equity Rule.
Thomas DeRosa, CEO of AppTech, thanked the Nasdaq Staff and Hearings Panel for their support and reiterated the company’s commitment to fulfilling all Nasdaq Continued Listing Requirements. He highlighted recent restructuring efforts and financial streamlining as factors that have strengthened the company’s position. According to InvestingPro data, the company faces challenges with a current ratio of 0.06 and negative EBITDA of $10.11M, though analysts expect sales growth this year. DeRosa also mentioned that AppTech is poised to generate significant revenue across various verticals and aims to drive growth and enhance shareholder value.
AppTech, known for providing digital financial services through a cloud-based platform, maintains exclusive licensing and partnership agreements and holds a suite of patented technology capabilities. The company serves financial institutions, corporations, SMEs, and consumers. InvestingPro analysis suggests the stock is currently undervalued, with 8 additional ProTips available to subscribers for deeper insight into the company’s prospects.
Details regarding the Nasdaq Hearings Panel’s conditions and the company’s plans were disclosed in AppTech’s Form 8-K, filed with the Securities and Exchange Commission on February 14, 2025.
The information in this article is based on a press release statement from AppTech Payments Corp.
In other recent news, AppTech Payments Corp. has been making notable strides in its financial position and executive leadership. The software services provider was granted an extension by the Nasdaq Hearings Panel to meet the minimum bid price and stockholders’ equity requirements, a crucial development in maintaining its Nasdaq listing. Furthermore, AppTech has successfully regained compliance with Nasdaq’s Minimum Stockholders’ Equity Requirement, according to a recent filing with the Securities and Exchange Commission.
The company achieved this by entering into share purchase agreements and settling outstanding payables, which increased its stockholders’ equity balance. However, the company is obligated to demonstrate compliance with the equity requirement by the end of March and achieve a minimum bid price of $1.00 per share by May 5, 2025.
In terms of leadership changes, AppTech announced the departure of its CEO, Luke D’Angelo, and CFO, Julia Yu, appointing Thomas DeRosa as Interim CEO and Felipe A. Corrado IV as the new CFO and Treasurer. These recent developments demonstrate AppTech’s ongoing efforts to adapt and grow in the dynamic financial technology industry.
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