Applied Blockchain

History

2022: Access to the Nasdaq Exchange

On April 18, 2022, Applied Blockchain announced the completion of an initial public offering of 8 million shares of its company at a price of $5 apiece. Shares began trading on the Nasdaq Global Select Market on April 13 under the ticker sign APLD. Also, the developer of blockchain applications for business provided underwriters with a 30-day option to buy additional 1,200,000 shares at the price of a public offer, minus less underwriting discounts and commissions.

The net proceeds received by Applied from the placement (after deducting discounts and the commission of underwriters and estimated placement costs) amounted to approximately $36.1 million. Applied intends to use net proceeds to lease or purchase additional real estate on which additional joint facilities will be built, hosting to build these facilities, to conclude additional energy service agreements for each additional facility and to finance working capital and corporate-wide purposes.

On April 18, 2022, Applied Blockchain announced the completion of an initial public offering of 8 million shares of its company at a price of $5 apiece.

Applied Blockchain creates and operates next-generation data centers in, North America which provide significant processing power for the blockchain infrastructure and support. mining bitcoin The company works with well-known representatives of the industry to develop, deploy and scale its business.

In addition, the company's SaaS platform invites other companies to conduct privacy checks of bank accounts, such as confirming the funds and income of their customers, in order to reduce financial, cyber and GDPR risks. These checks can also be used to run Defi applications, allowing customers to solve their complex problems, which make any blockchain network more reliable and secure.

In May 2021, APLD set out to become a cryptocurrency miner and acquired the appropriate equipment for this. But the company changed course and decided instead to place data centers for Bitcoin mining for other companies.

Although we no longer extract cryptocurrency assets and do not plan to return to cryptocurrency mining, we see potential value in ecosystems developing around cryptocurrency assets - the Applied issue prospectus says.

The change in direction was due to uncertainty about whether regulators will consider cryptocurrencies as traditional securities or other financial assets, Applied said.

Applied has already opened a 55 MW hosting site in North Dakota and plans to launch a second 85 MW site. The company entered into a partnership with Bitmain Technologies, a holding company associated with Antpool Capital Investment, to create a 1.5 gW joint hosting facility.

We use the colocation business model, in which our customers place their equipment at our facilities, and we provide a full range of operation and maintenance services for a fixed fee - according to the APLD issue prospectus. We usually enter into long-term fixed-rate contracts with our customers.[1]

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