Applied Blockchain Adjusts $60M Nasdaq IPO

Enterprise blockchain firm Applied Blockchain has adjusted its initial public offering (IPO).

The Dallas-based builder of data centers for bitcoin (BTC) mining operations is now offering over 8.58 million shares of common stock compared to the 3.24 million offered previously. The price range has been reduced to $6-$8 from $16.54-$20.54, so the overall size of the IPO remains the same at $60 million.
Additionally, underwriters now have a 30-day option to purchase up to an additional 1,285,714 shares (15%) of the common stock, increased from the previous figure of 485,436.
It is not entirely clear why Applied Blockchain has taken this step, though it is likely the firm made the changes to make its offering more attractive.
Applied Blockchain is currently listed on the over-the-counter "pink sheets" market and is filing to list on the Nasdaq Global Select Market under the ticker "APLD."
The firm's first data center in North Dakota was providing 55 megawatts of energy to customers as of early February. In November, it agreed to develop a 200MW wind-powered facility in Texas.

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