Applied Blockchain Files for $60M Nasdaq IPO

Enterprise blockchain firm Applied Blockchain filed to sell $60 million of shares in an initial public offering (IPO) on the Nasdaq Global Select Market.

• Applied Blockchain is offering about 3.2 million shares at an estimated mean price of $18.54, according to a filing with the U.S. Securities and Exchange Commission (SEC) Friday.
• The firm intends to list on the Nasdaq Global Select Market under the ticker "APLD."
• Applied Blockchain, which builds data centers to host bitcoin mining operations, is currently traded on the OTC Pink, the lowest tier of the OTC Markets exchanges for trading over-the-counter stocks.
• The company plans to use the money to secure sites for new co-hosting facilities, to develop those facilities and to enter into energy service agreements, among other uses, it said in the filing.
• The Dallas-based firm built its first center in North Dakota, which was providing 55MW of energy to customers as of early February. In November 2021, it agreed to develop a 200MW wind-powered facility in Texas.
• Underwriters have been granted a 30-day option to purchase up to an additional 485,436 (15%) of the offered common stock at the public offering price.

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