Applied Blockchain, Inc. Announces Launch of Initial Public Offering

Rhea-AI Summary

Applied Blockchain has announced an initial public offering (IPO) of $60 million of its common stock, as per a registration statement filed with the SEC. The offering includes a 30-day option for underwriters to purchase an additional 15% of the shares. The company will be listed on the Nasdaq Global Select Market under the ticker APLD. B. Riley Securities and Needham & Company are leading the offering, which aims to support the company's expansion in next-generation data centers for blockchain and Bitcoin mining.

Positive

• The IPO of $60 million provides capital for business expansion.
• The additional 15% option for underwriters may indicate strong investor interest.

Negative

• The offering may lead to shareholder dilution.
• Uncertainties exist regarding the completion of the offering based on forward-looking statements.

DALLAS, April 08, 2022 (GLOBE NEWSWIRE) -- Applied Blockchain, Inc. (“Applied” or the “Company”), today announced it has launched an initial public offering of $60 million of its common stock, pursuant to a registration statement on Form S-1 filed with the Securities and Exchange Commission (the “SEC”). In addition, Applied intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the offered common stock at the public offering price, less underwriting discounts and commissions. Applied intends to list on the Nasdaq Global Select Market under the ticker symbol “APLD.”

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.

The offering of these securities will be made only by means of a prospectus. A copy of the preliminary prospectus relating to these securities, when available, may be obtained for free from B. Riley Securities, Inc., Attention: Prospectus Department, 1300 17th Street North, Suite 1300, Arlington, Virginia 22209, Phone: (703) 312-9580, Email: prospectuses@brileyfin.com or from Needham & Company, LLC, Attention: Prospectus Department, 250 Park Avenue, 10th Floor, New York, NY 10177, telephone: (800) 903-3268, or by emailing prospectus@needhamco.com.

A registration statement, including a prospectus that is preliminary and subject to completion, relating to these securities has been filed with the Securities and Exchange Commission, but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. The registration statement may be obtained free of charge at the SEC’s website at www.sec.gov under “Applied Blockchain, Inc.” This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

About Applied Blockchain, Inc.

Applied Blockchain, Inc. (PINK: 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.

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this press release constitute “forward-looking statements”. These forward-looking statements represent Applied’s expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, which are set forth in Applied’s registration statement on Form S-1, as amended, many of which are outside of Applied’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. These include, but are not limited to, statements regarding the terms of the offering and the intended use of proceeds therefrom.

Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Applied does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Applied to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the prospectus filed with the SEC in connection with Applied’s public offering. The risk factors and other factors noted in Applied’s prospectus could cause its actual results to differ materially from those contained in any forward-looking statement.

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

FAQ

What is the IPO size for Applied Blockchain (APLD)?

Applied Blockchain announced an IPO size of $60 million.

Who are the underwriters for Applied Blockchain's IPO?

B. Riley Securities and Needham & Company are the book-running managers for the IPO.

When will Applied Blockchain's stock be listed and under what symbol?

Applied Blockchain intends to list its stock on the Nasdaq under the ticker symbol APLD.

What is the purpose of the IPO proceeds for Applied Blockchain?

The proceeds from the IPO will be used for business expansion in blockchain infrastructure.

What risks are associated with Applied Blockchain's IPO?

Forward-looking statements indicate uncertainties that could affect the actual outcomes from the IPO.