Current Report Filing (8-k)
January 10 2022 - 4:06PM
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UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event
reported): January 4, 2022
AppTech
Payments Corp.
(Exact name of registrant as specified in its
charter)
Delaware
(State
or other jurisdiction of incorporation)
000-27569
|
|
65-0847995
|
(Commission
File Number)
|
|
(IRS
Employer Identification No.)
|
5876
Owens Ave, Suite 100
Carlsbad, California 92008
(Address
of principal executive offices) (Zip Code)
Registrant’s
telephone number, including area code (760) 707-5959
(Former
name or former address, if changed since last report)
Check the appropriate
box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to
Section 12(b) of the Act:
Title
of each class
|
Trading
Symbol(s)
|
Name
of each exchange on which registered
|
Common
Stock, $0.001 par value per share
|
APCX
|
Nasdaq
Capital Market
|
Warrants,
each whole warrant exercisable for one share of common stock at an exercise price of $5.1875
|
APCXW
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Nasdaq
Capital Market
|
Indicate by check
mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this
chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
|
Item
1.01.
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Entry
into a Material Definitive Agreement.
|
Underwriting Agreement
On January 4, 2022, AppTech Payments Corp.
(the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) between the Company
and EF Hutton, division of Benchmark Investments, LLC, as representative (the “Representative”) of the several underwriters
named in the Underwriting Agreement, relating to the Company’s underwritten public offering (the “Offering”)
of units (the “Units”). Each Unit consists of one share common stock, par value $0.001 per share (the “Common
Stock”) and one warrant to purchase one share of Common Stock (the “Warrants”). Pursuant to the Underwriting
Agreement, the Company agreed to sell 3,614,458 Units at public offering price of $4.15 per share (the “Offering Price”),
and granted the Underwriter a 45-day over-allotment option to purchase up to 542,168 additional shares of Common Stock and 542,168
additional Warrants, equivalent to 15% of the shares of Common Stock and Warrants sold in the Offering (the “Option”),
pursuant to the Company’s registration statement on Form S-1 (File No. 333-253160) (the “Registration Statement”),
under the Securities Act of 1933, as amended (the “Securities Act”).
The Underwriting Agreement includes customary
representations, warranties and covenants by the Company. It also provides that the Company will indemnify the underwriters against
certain liabilities, including liabilities under the Securities Act, or contribute to payments the underwriters may be required
to make because of any of those liabilities. In exchange for the underwriters’ services, the Company agreed to sell the Units
to the underwriters at a purchase price of $4.15 per Unit.
The Offering closed on January 7, 2022, and
the Company sold 3,614,458 shares of Common Stock and 4,156,626 Warrants to the underwriters for total gross proceeds of $15.0
million, which includes 542,168 Warrants sold upon the partial exercise of the Option. After deducting the underwriting commissions,
discounts, and offering expenses, the Company received net proceeds of approximately $13.3 million.
The foregoing summary of the Underwriting Agreement
is qualified in its entirety by reference to the full text of the Underwriting Agreement, a copy of which is attached as Exhibit
1.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Warrant Agency Agreement
On January 7, 2022, the Company also entered
into a Warrant Agency Agreement with Transfer Online, Inc. (“Warrant Agency Agreement”), pursuant to which Transfer
Online, Inc. agreed to act as transfer agent with respect to the Warrants. The foregoing summary of the Warrant Agency Agreement
is qualified in its entirety by reference to the full text of the form of Warrant Agency Agreement, a copy of which is attached
as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 7.01.
|
Regulation FD Disclosure.
|
On January 4, 2022 and January 7, 2022, the
Company issued press releases announcing the pricing of the Offering and the closing of the Offering, respectively. Copies of the
press releases are furnished as Exhibits 99.1 and 99.2, respectively, to this Current Report on Form 8-K.
The information disclosed under this Item 7.01,
including Exhibit 99.1 and Exhibit 99.2, is being furnished for informational purposes only and shall not be deemed “filed”
for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject
to the liabilities of that section, and shall not be deemed to be incorporated by reference in any filing under the Exchange Act,
except as expressly set forth by specific reference in such filing.
Item 9.01.
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Financial Statements and Exhibits.
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(d) Exhibits.
Exhibit No.
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Description
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1.1
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Underwriting Agreement, dated January 4, 2022, between the Company and EF Hutton, division of Benchmark Investments, LLC, as representative of the underwriters named therein
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10.1
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Warrant Agency Agreement, dated as of January 7, 2022, between the Company and Transfer Online, Inc.
|
99.1
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Press release dated January 4, 2022
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99.2
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Press release dated January 7, 2022
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SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
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APPTECH
PAYMENTS CORP.
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|
|
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Date:
January 10, 2022
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By:
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/s/
Luke D’Angelo
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|
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Luke
D’Angelo
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|
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Chief
Executive Officer
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