Applied Blockchain Announces Planned Name Change to Applied Digital

Rhea-AI Summary

Applied Blockchain (Nasdaq: APLD) plans to change its name to Applied Digital Corporation to better represent its expanded services in high-performance computing (HPC). This change aims to clarify the company’s offerings beyond cryptocurrency mining. If shareholders approve the name change at the Annual General Meeting on November 10, 2022, the APLD ticker symbol will remain unchanged. Chairman and CEO Wes Cummins emphasized the company's commitment to best-in-class infrastructure while exploring new opportunities in HPC applications.

Positive

• Name change reflects broader business opportunities in HPC applications.
• Continued commitment to cryptocurrency mining infrastructure.
• Potential for expanded use cases for next-generation datacenters.

Negative

• None.

Planned Name Change Reflects the Company’s Broader Business Opportunities within Larger High-Power Computing (HPC) Applications

DALLAS, Aug. 25, 2022 (GLOBE NEWSWIRE) -- Applied Blockchain, Inc. (Nasdaq: APLD) ("Applied Blockchain" or the "Company") intends to change its name from “Applied Blockchain, Inc.” to “Applied Digital Corporation”. The Company’s intended name change will more accurately reflect its services and broader business offerings to serve customers that require large computing power applications. While Applied Blockchain continues to be a premier provider of digital infrastructure for many cryptocurrency mining operations, it is important for the Company to distinguish that its next-generation datacenters support many other high-performance compute (HPC) applications. If approved by shareholders at the Company’s Annual General Meeting planned for November 10, 2022, the name change would not have an impact on strategy or operations, and the Applied Blockchain ticker symbol, “APLD,” would remain unchanged.

“Applied Digital reinforces the broader market opportunities for our next-generation digital infrastructure,” said Applied Blockchain Chairman and CEO, Wes Cummins. “While we remain committed to providing best-in-class infrastructure solutions to our cryptocurrency mining customers, we are continuing to evaluate and explore opportunities with potential customers that offer expanded use cases for our next-generation datacenters.”

About Applied Blockchain
Applied Blockchain Inc. (Nasdaq: APLD) is a builder and operator of next-generation datacenters across North America which provide substantial compute power to blockchain infrastructure and support Bitcoin mining. The Company has partnered with the most recognized names in the industry to develop, deploy, and scale its business. Find more information at www.appliedblockchaininc.com. Follow us on Twitter at @APLDBlockchain.

Investor Relations Contacts
Matt Glover or Jeff Grampp, CFA
Gateway Group, Inc.
(949) 574-3860
APLD@gatewayir.com

Media Contact
Catherine Adcock
Gateway Group, Inc.
(949) 574-3860
APLD@gatewayir.com

FAQ

What is Applied Blockchain's new name after the planned change?

Applied Blockchain intends to change its name to Applied Digital Corporation.

When will shareholders vote on the name change for Applied Blockchain?

Shareholders will vote on the name change at the Annual General Meeting scheduled for November 10, 2022.

Will the ticker symbol for Applied Blockchain change with the new name?

No, the ticker symbol APLD will remain unchanged after the name change.

Why is Applied Blockchain changing its name?

The name change aims to more accurately reflect the company’s services and broader business offerings in high-performance computing.

What type of operations does Applied Blockchain continue to support?

Applied Blockchain continues to provide digital infrastructure primarily for cryptocurrency mining, alongside exploring opportunities in HPC applications.