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AppTech Payments Corp. (OTCQB:APCX) announced the appointment of Thomas DeRosa as its new President and a director, effective June 2, 2025. This decision was made by the company’s board of directors to fill the vacancy left by Virgilio Llapitan, who resigned on May 19, 2025. The resignation was previously disclosed in a filing with the Securities and Exchange Commission on the same date. The leadership change comes as the company faces significant challenges, with InvestingPro data showing a 64% decline in stock price over the past year.
According to the company’s recent SEC filing, there are no arrangements or understandings between Mr. DeRosa and any other party that led to his appointment. Furthermore, Mr. DeRosa has no significant transactions, relationships, or arrangements with AppTech Payments that require disclosure. The filing also confirmed that there are no family ties between Mr. DeRosa and any of the company’s directors or executive officers.
Mr. DeRosa is not considered "independent" under the rules of the OTCQB and the SEC, and there are no current plans for him to join any board committees. The company did not disclose additional details about Mr. DeRosa’s professional background or his plans for his new role.
AppTech Payments Corp., headquartered in Carlsbad, California, operates in the prepackaged software services sector. The company’s common stock and warrants are traded on the OTCQB under the symbols APCX and APCXW, respectively.
This information is based on a press release statement from the company’s recent SEC filing.
In other recent news, AppTech Payments Corp. has transitioned to the OTCQB market following its delisting from the Nasdaq Capital Market. This move comes after the company failed to meet specific listing requirements under Nasdaq Listing Rule 5550(a)(2). Despite the change in trading platforms, AppTech has assured that its operations will remain unaffected, and it will continue to file all necessary reports with the SEC. CEO Tom DeRosa acknowledged the disappointment surrounding the delisting but expressed confidence in the company’s revenue outlook and growth strategy.
Additionally, AppTech announced the resignations of two key executives. Luke D’Angelo has stepped down as Chairman of the Board of Directors and as an employee, while Virgilio Llapitan resigned from his roles as President, Chief Operating Officer, and Director. The company clarified that these resignations were not due to disagreements with its operations, policies, or practices. Replacements for these positions have yet to be announced. These developments are part of AppTech’s ongoing efforts to maintain its focus on regulatory compliance and operational objectives.
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