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Cryptocurrency
UK Applied Blockchain Firm Files For $60M IPO
![UK Applied Blockchain Firm Files For $60M IPO](https://iexclusivenews.com.ng/wp-content/uploads/2022/04/images-10.jpeg)
UK-Applied Blockchain firm has filed an initial public offering (IPO) application on Apr. 8 to the United States Securities and Exchange Commission.
To issue 3,236,245 shares of common stock onto the Nasdaq Global Select Market with the ticker symbol APLD.
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iexclusivenews reports that the company currently has an OTC Pink stock, which is the lowest of three tiers within the over-the-counter market in terms of financial volume and mandated disclosure of company information, with a share price of $18.84.
The public offering price would be set, not totally reflective, of the current market value of OTC Pink, according to the application document. But rather by thorough assessments undertaken by themselves and the underwriters.
Despite this, the firm did provide a range of $16.54 to $20.54 per share as a guidance valuation for possibly interested parties, with a median of $18.54.
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However, iexclusivenews Nigeria reports that although there is no specific deadline for an SEC response, it normally takes months.
The distributed ledger technology (DLT) firm raised $2.5 million in their 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 and raised $1.5 million in early January 2018.
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.
With an intrinsic focus on “security, cost, and user experience,” the platform hopes to improve the liquidity and interoperability of the two networks.
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