Applied Blockchain Inc files for $60 million IPO


UK-based blockchain infrastructure company Applied Blockchain filed an initial public offering (IPO) with the United States Securities and Exchange Commission on April 8 to issue 3,236,245 common shares on the Nasdaq Global Select Market with the ticker symbol APLD.

The company currently operates one share on OTC Pink — the lowest of three tiers within the over-the-counter market as measured by volume of funds and required disclosure of company information — under the same tag with a share price of $18.84.

The application document specifically wanted to emphasize that the public offering price will not be determined by, or fully indicative of, the current market value of OTC Pink, but rather through careful valuations conducted by themselves and the underwriters.

With that, the company has outlined a guide valuation for potentially interested parties of between $16.54 and $20.54 per share, a range that yields a median of $18.54.

There is no official timeline for a response from the SEC, but it typically takes months.

See Also: Shell-Backed Company Raises $2.5M for Zero-Knowledge Proof Platform

In April 2020, the distributed ledger technology (DLT) company raised $2.5 million in its second seed round led by Hong Kong venture capital firm QBN Capital, the first being a $1.5 million raise Trading in early January 2018, led by Calibrate Management and energy giant Shell International.

More recently, in mid-February this year, Applied Blockchain received an undisclosed grant from the Algorand Foundation for research and development of an Algorand-to-Ethereum reciprocal-flow bridge titled London Bridge. The platform hopes to improve the liquidity and interoperability of the two networks, with a focus on “security, cost and user experience.”