AppTech, which provides merchant services software to SMBs, announced terms for its IPO on Monday. The company is currently listed on the OTC under the symbol "APCX."
The Carlsbad, CA-based company plans to raise $15 million by offering 2.9 million units at a price range of $4.15 to $6.15. Each unit consists of one share of common stock and one warrant, exercisable at 125% of the IPO price ($6.44 at the midpoint). At the midpoint of the proposed range, AppTech would command a market value of $79 million. Because the company is offering units with warrants attached, AppTech is no longer eligible for tracking and will be excluded from Renaissance Capital's stats.
AppTech's merchant services provide financial processing for businesses to accept cashless and contactless payments, such as credit cards, ACH, wireless payments, and more. The company's target market is SMBs seeking to broaden their distribution through the addition of digital payment channels, and SMBs looking to create competitive advantage by advancing their integration and streamlining of their payment processing services.
AppTech was founded in 1998 and plans to list on the Nasdaq under the symbol APCX. EF Hutton is the sole bookrunner on the deal.
