Data center builder Applied Blockchain sets terms for $60 million Nasdaq uplisting

By Renaissance Capital,

Applied Blockchain, which is building data centers leased to crypto miners, announced terms for its Nasdaq uplisting on Friday. The company is currently listed on the OTC (APLD).

The Dallas, TX-based company plans to raise $60 million by offering 3.2 million shares at a price range of $16.54 to $20.54. At the midpoint of the proposed range, Applied Blockchain would command a market value of $1.8 billion. The IPO float represents just 3.4% of basic shares outstanding.

Applied Blockchain is actively mining cryptoassets and developing hosting services offered to other crypto miners. Its initial mission was to quickly scale a large mining operation focused on mining Bitcoin and Ethereum. As a result of changes to Chinese regulations of crypto mining, the company decided to locate its mining hardware in North America and also began to explore other co-hosting locations. By July 2021, Applied Blockchain entered into a co-hosting agreement with Coinmint, had its initial order of mining equipment delivered and installed at Coinmint’s co-hosting facility, and began its mining operations. The company’s first facility was constructed in North Dakota and as of February 2, 2022 is online and providing 55MW of energy and services to customers, with the remaining 45MW expected to be brought online during the 2Q22.

Applied Blockchain was founded in 2001 and booked $2 million in revenue for the 12 months ended November 30, 2021. It plans to list on the Nasdaq under the symbol APLD. B. Riley Securities and Needham & Co. are the joint bookrunners on the deal. It is expected to price during the week of April 11, 2022.

Source :$60-million-Nasdaq-up

The post Data center builder Applied Blockchain sets terms for $60 million Nasdaq uplisting appeared first on Pre IPO Swap.

Leave a Reply

Your email address will not be published. Required fields are marked *