Applied Blockchain, Inc. announced yesterday that it had priced an initial public offer of 8,000,000 shares at $5.00 each share. The shares are expected to begin trading on the Nasdaq Global Select Market on April 13, 2022, under the ticker symbol “APLD.” In addition, Applied granted the underwriters a 30-day option to purchase up to an additional 1,200,000 shares of common stock at the public offering price, less underwriting discounts, and commissions. Subject to normal closing conditions, the offering will close on April 18, 2022.

Applied will receive roughly $36.0 million in net proceeds, and $41.6million if the underwriters exercise the option to buy additional shares. Applied will use the net proceeds for lease-purchase or acquisition of additional properties on which to build co-hosting facility, as well as to fund its general corporate purposes and enter into additional energy service contracts for additional sites.

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.