The IPO application from blockchain firm, Applied Blockchain awaits approval from the United States SEC.
UK-based blockchain infrastructure firm Applied Blockchain has on Friday filed an initial public offering (IPO) application with the US Securities and Exchange Commission to issue 3,236,245 shares of common stock under the ticker symbol APLD on the Nasdaq Global Select Market.
Under the same tag, the company currently operates a stock on OTC Pink — the lowest of three levels within the over-the-counter market in terms of financial volume and the disclosure of company information necessary — with a share price of $18.84.
The application statement made a point of emphasizing that the public offering price would not be decided or wholly reflective of the current market value of OTC Pink, but rather by thorough assessments undertaken by themselves and the underwriters.
Having said that, the company did define a guiding valuation for potentially interested parties of between $16.54 and $20.54 per share, with a median of $18.54.
There is no official deadline for an SEC response, but it typically takes months.
The distributed ledger technology (DLT) company raised $2.5 million in its second seed round in April 2020, led by Hong Kong-venture capital firm QBN Capital, following a $1.5 million raise in early January 2018 led by Calibrate Management and energy giant Shell Trading International.
In mid-February of this year, Applied Blockchain received an unknown value grant from the Algorand Foundation for the study and development of the London Bridge, a reciprocal-flow Algorand to Ethereum bridge. The platform hopes to improve the liquidity and interoperability of the two networks, with an emphasis on “security, cost, and user experience.”
