Why AppTech Payments Stock Is Diving 25% Lower

AppTech Payments Corp APCX shares are trading lower by 25.47% to $3.99 during Tuesday's session after the company announced pricing of a $5 million registered direct offering and concurrent private placement.

What Else?

Under the terms of the securities purchase agreement, AppTech says the company has agreed to issue 1,666,667 shares of common stock. In the concurrent private placement, which will be consummated concurrently with the offering.

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AppTech also has agreed to issue warrants to purchase up to an aggregate of 1,666,667 shares of common stock. The company says each of the warrants will have an exercise price of $4.64 per share of common stock and are exercisable on and after July 1, 2023.

According to data from Benzinga Pro, AppTech Payments has a 52-week high of $5.37 and a 52-week low of $0.40.