Applied Blockchain, Inc. (APLD) announced that yesterday it priced an initial public offering of 8,000,000 shares of its common stock at $5.00 per share. The shares are expected to begin trading on the Nasdaq Global Select Market on April 13, 2022, under the ticker symbol “APLD.” In addition, Applied granted the underwriters a 30-day option to purchase up to an additional 1,200,000 shares of common stock at the public offering price, less underwriting discounts and commissions. The offering is expected to close on April 18, 2022, subject to customary closing conditions.
Applied expects to receive approximately $36.0 million of net proceeds from the offering, or $41.6 million if the underwriters exercise their option to purchase additional shares in full. Applied intends to use the net proceeds to lease or purchase additional property on which to build additional co-hosting facilities, to construct those facilities, to enter into additional energy service agreements for each additional site and for funding its working capital and general corporate purposes.
B. Riley Securities and Needham & Company are acting as book-running managers, Craig-Hallum and D.A. Davidson & Co. are acting as lead managers, and Lake Street and Northland Capital Markets are acting as co-managers for the offering.