AppTech Payments Corp. completed the acquisition of Alliance Partners, LLC for $4.7 million.
AppTech Payments Corp. (NasdaqCM:APCX) completed the acquisition of Alliance Partners, LLC from Chris Leyva for $4.7 million on October 26, 2023. Pursuant to the terms of the Purchase Agreement, the Company paid $0.5 million to the Seller. Subsequent to the Closing Date, on or before January 7, 2024, the Company shall pay $0.75 million to the Seller, and on or before April 7, 2024, the Company shall pay $0.75 million to the Seller. Subject to the satisfaction of customary closing conditions, this transaction is intended to be completed by October 31, 2023. The consideration includes the obligations and liabilities of Alliance Partners. Of the total cash consideration, $1.35 million remains outstanding as of March 31, 2024. On October 31, 2023, AppTech issued 1,000,000 shares of common stock valued at $2.44 per share to an entity owned by Chris Leyva. In exchange for the shares, the Seller waived, cancelled, and forgave the long-term debt of FinZeo.