On April 8, Applied Blockchain, a UK-based blockchain infrastructure company, 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 now trades an OTC Pink stock with a share price of $18.84. Which is the lowest of three levels within the over-the-counter market in terms of financial activity and mandatory disclosure of company information.
The public offering price would be established, rather than totally reflective, of the existing market value of OTC Pink, according to the application document.
Despite this, the firm did provide a range of $16.54 to $20.54 per share as a guidance valuation for potential investors. With a median of $18.54 per share.
An SEC answer has no set timeframe, but it typically takes months.
Applied Blockchain received an award of an undisclosed sum
The distributed ledger technology (DLT) startup raised $2.5 million in its second seed round in April 2020, led by Hong Kong venture capital firm QBN Capital. The first seed round was led by Calibrate Management and energy giant Shell Trading International in early January 2018.
In mid-February of this year, Applied Blockchain received an award of an undisclosed sum by the Algorand Foundation. For the study and development of the London Bridge, a reciprocal-flow Algorand to Ethereum bridge. With an emphasis on “security, cost, and user experience,” the platform hopes to improve its liquidity. As well as the interoperability of the two networks.