AppTech Payments, which provides merchant services software to SMBs, raised $15 million by offering 3.6 million units at $4.15, the low end of the range of $4.15 to $6.15. The company offered 0.7 million more units than anticipated. Each unit consists of one share of common stock and one warrant, exercisable at $5.19 (125% of the IPO price). Because the company offered units with warrants attached, AppTech 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 Payments plans to list on the Nasdaq under the symbol APCX. EF Hutton acted as sole bookrunner on the deal.
