AppTech Corp. Converts or Cures Default on Vast Majority of Outstanding Debt
- APIs , Payments , IT Innovations
- 04.10.2021 12:50 pm
AppTech Corp. a fintech company, announced today that the Company converted or cured the default on vast majority of its previously defaulted debt. To aid in its endeavor of listing on a national exchange to further enhance its financial stability, AppTech negotiated with debt holders to restructure their debt. The negotiations were well received by the debt holders permitting the Company to significantly improve its financial position.
The debt holders were given the opportunity to either convert AppTech’s outstanding debt into shares of common stock at a slight discount from fair market value or forbear all payments and interest for a period of one year in exchange for a one-time equity bonus. To date, through these actions, AppTech removed the default on over $3M in debt. This includes more than $1M being converted. AppTech will continue seeking to improve its financial condition as it progresses towards its goals of an effective public offering, listing to a national exchange and launching its comprehensive financial services platform.