Dallas-based Apex Fintech Solutions announced Tuesday that it has “confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission relating to the proposed initial public offering of its common stock.” So will its second attempt to go public reach fruition this time?

That remains to be seen. But for now the stock trade clearance firm—which calls itself the “fintech for fintechs”—says that “the total number of shares to be offered and the price range for the proposed offering have not yet been determined.”

The offering is “subject to market and other conditions and the completion of the SEC’s review process,” Apex noted.

If you’re wondering why Apex issued a national press release to spotlight an SEC submission it deemed “confidential,” Apex answered that too. Its exceedingly brief release said the announcement was “being issued in accordance with Rule 135 under the Securities Act.”

Founded in 2012, Apex offers a “secure, reliable” digital custody and clearing platform that aims to drive transformation of the financial services industry. The company gives online brokerages, registered investment advisors, and other financial institutions the ability to “eliminate friction and transform the end-investor experience with innovations including fractional-share trading, robo-investing, real-time account opening, and embedded finance.”

Apex has more than 220 clients with over $115 billion in assets under custody, with 21 million brokerage accounts and active investors in 144 countries, the firm says on its website. Its solutions include clearing and custody, advisory solutions, routing and execution, and cost basis and tax processing.

2021 IPO attempt with SPAC merger fell through

This is Round 2 of Apex’ attempt to go public. In 2021, the firm entered into a definitive merger agreement with Northern Star Investment Corp. II, a ‘blank check’ special purpose acquisition company, or SPAC, with a plan to be listed on the New York Stock Exchange under the ticker symbol APX once that transaction had closed.

The deal with Northern Star gave Apex a valuation of around $4.7 billion post-money at the time, with $850 million in gross cash proceeds expected from the transaction.

“We’re in the first inning of the digital revolution in financial services, and our merger with Northern Star will provide Apex with the resources and flexibility to accelerate our growth, scale our platform, and expand our offerings and market share alongside our clients,” Apex CEO William Capuzzi said in 2021

However, that planned SPAC merger fell through, partly because of a delay in regulatory review caused by Apex ownership of a cryptocurrency business, which it sold last April for $200 million, according to the Dallas Business Journal. 

Capuzzi “has since said that Apex could again attempt to go public via a regular IPO process,” the DBJ added.

News follows October hiring of Nasdaq exec as new Apex CFO

The announcement of the Apex SEC filing follows the company’s October hiring of former Nasdaq executive Chantal Wessels as its new chief financial officer. Wessels succeeded Chris Springer, who transitioned to the role of strategic finance adviser after a four-year tenure at Apex.

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