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CARLSBAD, Calif. - AppTech Payments Corp. (OTCQB: APCX), a fintech company, has been delisted from the Nasdaq Capital Market due to noncompliance with certain listing requirements. The company’s common stock and warrants were suspended from trading on Nasdaq and began trading on the OTCQB market tier, an over-the-counter marketplace, starting today. The stock, currently trading at $0.10, has declined nearly 25% in the past week and is down over 60% year-to-date, according to InvestingPro data.
The delisting follows AppTech’s failure to comply with the Nasdaq Listing Rule 5550(a)(2). Despite the change in trading platforms, AppTech assures stakeholders that its operations will not be affected. The company will continue to file all required reports with the SEC, which are publicly available on the SEC’s website. With a market capitalization of $6.85 million and an overall weak financial health score according to InvestingPro, the company faces significant challenges, including revenue decline of 25% in the last twelve months.
CEO Tom DeRosa expressed disappointment with the delisting but remains optimistic about the company’s revenue outlook and growth strategy. This shift to the OTCQB market tier will not alter the company’s operational focus or its commitment to regulatory compliance. InvestingPro analysis reveals 10 additional investment tips and extensive financial metrics that could help investors better understand the company’s current position and future prospects.
In related news, AppTech announced the resignation of two key executives on Monday. Luke D’Angelo stepped down as Chairman of the Board of Directors and as an employee, while Virgilio Llapitan resigned as President, Chief Operating Officer & Director. Both resignations were not due to disagreements with the company’s operations, policies, or practices, and replacements have yet to be announced.
AppTech Payments Corp. specializes in providing digital financial services to a variety of clients, including financial institutions, corporations, SMEs, and consumers through a scalable cloud-based platform.
The information reported is based on a press release statement from AppTech Payments Corp.
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