Applied Blockchain sets price terms in IPO


Applied Blockchain Inc. said Friday it plans to raise up to $67 million in its initial public offering by selling about 3.24 million shares at an estimated price range of $16.54 to $20.54 a share with underwriters B. Riley Securities and Needham & Co. Dallas-based Applied Blockchain plans to trade on the Nasdaq under the symbol “APLD”. The company is building data centers to host servers securing the bitcoin BTCUSD, +0.32% network. It also plans to host hardware for other applications such as artificial intelligence, machine learning and other blockchain networks. The company is led by CEO Wes Cummins, who was CEO of 272 Capital LP, a registered investment that he sold to B. Riley Financial Inc. RILY, -4.81% in 2021.

Source: Marketwatch

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