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AppTech Payments Corp. (NASDAQ:APCX), a prepackaged software services provider with a current market capitalization of approximately $12 million and trading at $0.43 per share, announced on Tuesday that it has received an extension to regain compliance with Nasdaq’s listing requirements. The Nasdaq Hearings Panel granted the company until March 31, 2025, to meet the minimum stockholders’ equity requirement and until May 5, 2025, to comply with the minimum bid price requirement.
The extension follows a series of notifications from Nasdaq in 2024, indicating that AppTech Payments Corp. did not meet certain listing standards. Specifically, the company failed to maintain the minimum bid price of $1 per share and a minimum of $2.5 million in stockholders’ equity. According to InvestingPro data, the company’s stock has declined by over 75% in the past year, while its current ratio of 0.06 indicates significant challenges in meeting short-term obligations. Subsequently, the company appealed the delisting determination and presented its case at a hearing on January 14, 2025.
The Panel’s decision allows AppTech Payments Corp. to remain listed on the Nasdaq Capital Market, provided it demonstrates compliance with the equity requirement by the end of March. Additionally, the company must publicly disclose any transactions undertaken to increase its equity and provide updated income projections for the next 12 months. The company must also achieve a minimum bid price of $1.00 per share by May 5, 2025.
The Nasdaq Listing and Hearing Review Council retains the right to review the Panel’s decision within 45 days of the written notice. AppTech Payments Corp. will be promptly informed if the Listing Council decides to review the Panel’s decision.
This announcement, based on a press release statement, is a significant development for AppTech Payments Corp. as it works to maintain its status on the Nasdaq and continue its operations without the added challenge of a delisting. Investors looking to track AppTech’s progress toward meeting these requirements can access detailed financial health metrics and real-time alerts through InvestingPro, which currently identifies 8 additional key investment signals for the company.
In other recent news, AppTech Payments Corp. has regained compliance with Nasdaq’s Minimum Stockholders’ Equity Requirement, according to a recent 8-K filing. The software services company achieved this through two share purchase agreements that brought in a total of $2.5 million, with potential for additional funding as needed. These transactions, along with the settlement of outstanding payables and the recognition of over $940,000 in gains from early debt extinguishment, brought AppTech’s stockholders’ equity balance to $4,146,448.
In parallel, AppTech announced significant changes to its executive team, including the departure of its CEO, Luke D’Angelo, and CFO, Julia Yu. Thomas DeRosa has been appointed as Interim CEO, and Felipe A. Corrado IV will take over as CFO and Treasurer.
These recent developments follow an earlier risk of delisting from the Nasdaq Capital Market due to failure to meet the exchange’s minimum bid price and stockholders’ equity requirements. However, with compliance regained and leadership changes in place, AppTech continues its operations in the financial technology sector.
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