AppTech Payments Corp. announces CEO resignation, appoints Thomas DeRosa as Interim CEO and Felipe A. Corrado IV as CFO.
Quiver AI Summary
AppTech Payments Corp. announced the resignation of Luke D’Angelo as CEO and Executive Director, effective December 24, 2024, although he will remain as Chairman of the Board. Thomas DeRosa has been appointed as Interim CEO, bringing over 40 years of experience and a strong background in technology leadership. Additionally, on the same date, Felipe A. Corrado IV was named Chief Financial Officer and Treasurer, having previously served in various financial roles within the company for about three years. The company highlighted its commitment to providing digital financial services through its cloud-based platform and noted that further details would be available in an upcoming Form 8-K filing with the SEC.
Potential Positives
- Luke D’Angelo remains committed to the company's success in his new role as Chairman of the Board, ensuring continuity in leadership and strategic direction.
- Thomas DeRosa, appointed as Interim CEO, brings over 40 years of experience and a proven track record in technology leadership and business transformations, which can guide the company through this transition effectively.
- Felipe A. Corrado IV's appointment as Chief Financial Officer leverages his two decades of financial experience and familiarity with the company, providing stability in the financial leadership.
Potential Negatives
- The resignation of CEO Luke D’Angelo could signal instability within the company's leadership, potentially affecting investor confidence.
- The abrupt departure of the Chief Financial Officer, Meilin Yu, alongside the CEO may raise concerns about the company's financial stewardship and future direction.
- While an interim CEO has been appointed, a lack of a permanent CEO may create uncertainty regarding the company's strategic vision and execution going forward.
FAQ
Who resigned as CEO of AppTech Payments Corp.?
Luke D’Angelo resigned as Chief Executive Officer effective December 24, 2024, but remains as Chairman of the Board.
Who has been appointed as Interim CEO?
Thomas DeRosa has been appointed as Interim CEO of AppTech Payments Corp.
What experience does Thomas DeRosa bring to AppTech?
Thomas DeRosa has over 40 years of experience in technology and leadership, successfully driving business transformations.
Who is the new Chief Financial Officer of AppTech?
Felipe A. Corrado IV has been appointed as the Chief Financial Officer and Treasurer of AppTech Payments Corp.
What services does AppTech Payments Corp. provide?
AppTech offers digital financial services for financial institutions, SMEs, and consumers through a scalable cloud-based platform.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$APCX Hedge Fund Activity
We have seen 8 institutional investors add shares of $APCX stock to their portfolio, and 7 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- GREENWICH WEALTH MANAGEMENT LLC removed 216,030 shares (-100.0%) from their portfolio in Q3 2024
- ARMISTICE CAPITAL, LLC added 188,000 shares (+inf%) to their portfolio in Q3 2024
- GEODE CAPITAL MANAGEMENT, LLC added 32,799 shares (+20.9%) to their portfolio in Q3 2024
- UBS GROUP AG removed 26,027 shares (-100.0%) from their portfolio in Q3 2024
- TWO SIGMA SECURITIES, LLC added 23,752 shares (+inf%) to their portfolio in Q3 2024
- CRESSET ASSET MANAGEMENT, LLC added 10,000 shares (+inf%) to their portfolio in Q3 2024
- BLACKROCK, INC. removed 9,835 shares (-100.0%) from their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
CARLSBAD, Calif., Dec. 30, 2024 (GLOBE NEWSWIRE) -- AppTech Payments Corp. (“AppTech or the “Company”) (NASDAQ: APCX) announced today that it has accepted the resignation of Luke D’Angelo, as the Company’s Chief Executive Officer and Executive Director effective December 24, 2024. Mr. D’Angelo will continue his employment as Chairman of the Company’s Board of Directors. The Company has appointed Thomas DeRosa to serve as Interim CEO.
“As I step down from my CEO and Executive Director roles, I am filled with immense pride for all we’ve accomplished together. It has truly been an honor to lead this incredible Company, and I’m grateful to have had the opportunity to work alongside such a talented and dedicated team. While transitioning from the CEO and Executive Director roles, I am excited to continue contributing to the company’s success in a new capacity. I remain fully committed to supporting our leadership and working together toward a bright future” - Luke D’Angelo.
Mr. DeRosa has served as Executive Director of Product & Project Management since August 2023, bringing over 40 years of experience in building and leading technology teams, with a distinguished track record as a CEO driving successful launches, turnarounds, and business transformations. At AppTech, he has played a key role in acquisitions, restructuring core teams, and ensuring financial alignment while consistently delivering strategic vision and operational excellence through his expertise in technology and leadership.
On December 24, 2024, Meilin Yu’s “Julia Yu” employment with and service as Chief Financial Officer and Treasurer of AppTech Payments Corp. ended.
On December 24, 2024, the Company’s Board of Directors appointed Felipe A. Corrado IV to serve as Chief Financial Officer and Treasurer of the Company. Mr. Corrado will serve as the Company’s principal financial officer in this capacity.
Mr. Corrado has served the Company in various financial roles for about 3 years. He brings over two decades of experience as CFO, management consultant, practicing CPA, and auditor.
Additional information will be provided in the Company's Form 8-K, which was filed with the Securities and Exchange Commission today.
About AppTech Payments Corp.
AppTech Payments Corp. (NASDAQ: APCX) provides digital financial services for financial institutions, corporations, small and midsized enterprises (“SMEs”), and consumers through the Company’s scalable cloud-based platform architecture and infrastructure, coupled with our Specialty Payments development and delivery model. AppTech maintains exclusive licensing and partnership agreements in addition to a full suite of patented technology capabilities. For more information, please visit
apptechcorp.com
.
Forward-Looking Statements
This press release may contain forward-looking statements that are inherently subject to risks and uncertainties. Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as “anticipate, believe, estimate, expect, forecast, intend, may, plan, project, predict, should, will” and similar expressions as they relate to AppTech are intended to identify such forward-looking statements. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in methods of marketing, delays in manufacturing or distribution, changes in customer order patterns, changes in customer offering mix, and various other factors beyond the Company’s control. Actual events or results may differ materially from those described in this press release due to any of these factors. AppTech is under no obligation to update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.
AppTech Payments Corp.
760-707-5959
info@apptechcorp.com
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