other material
confidence high
sentiment negative
materiality 0.70
AppTech defers FinZeo acquisition payments; shares reissued to seller
AppTech Payments Corp.
- Fourth Amendment defers remaining $1.2M cash purchase price; only $150k due June 21, 2024.
- Remaining payments triggered when AppTech generates $400k monthly revenue from FinZeo products or after 13 months from April 29, 2024.
- Seller receives 50,000 options with strike at closing price on amendment date.
- Board canceled 1M shares issued to seller's entity and reissued same number to seller directly.
- This is the fourth amendment to the Oct 2023 acquisition agreement; prior amendments also adjusted payment schedules.