Applied Blockchain (APLD) Closes 8M Share IPO

Applied Blockchain, Inc. (NASDAQ: APLD) announced today the completion of its initial public offering of 8,000,000 shares of its common stock at $5.00 per share. The shares of common stock began 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.

The net proceeds received by Applied from the offering (after deducting underwriting discounts and commission and estimated offering expenses) were approximately $36.1 million. Applied intends to use the net proceeds to lease or purchase additional property on which to build additional co-hosting facilities, to construct those facilities, to enter into additional energy service agreements for each additional site and for funding its working capital and general corporate purposes.

B. Riley Securities and Needham & Company acted as book-running managers, Craig-Hallum and D.A. Davidson & Co. acted as lead managers, and Lake Street and Northland Capital Markets acted as co-managers for the offering.

The offering was made only by means of a prospectus. A copy of the prospectus relating to these securities, may be obtained for free from B. Riley Securities, Inc., Attention: Prospectus Department, 1300 17th Street North, Suite 1300, Arlington, Virginia 22209, Phone: (703) 312-9580, Email: [email protected] or from Needham & Company, LLC, Attention: Prospectus Department, 250 Park Avenue, 10th Floor, New York, NY 10177, telephone: (800) 903-3268, or by emailing [email protected].

A registration statement on Form S-1 relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission (the “SEC”). The registration statement may be obtained free of charge at the SEC’s website at www.sec.gov under “Applied Blockchain, Inc.” This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

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