A UK based blockchain company seeking its way to launch an IPO in the US applied this at US SEC
On 8th April, a blockchain infrastructure firm based in the UK applied for an IPO. The firm named Applied Blockchain has filed for an Initial Public Offering (IPO) application to the United States Security and Exchange Commission. The application details issuing approx 3,236,245 shares of its common stock on Nasdaq Global Select Market, and that would have the ticker symbol APLD. The Nasdaq Global Select Market is one of the three tiers of the global electronic marketplace National Association of Securities Dealers Automated Quotations, commonly known as NASDAQ.
Currently, the firm operates its stock on the lowest of all three tiers, OTC Pink, within the over-the-counter market according to the financial volume and requirement of the company information disclosure. The stock there also had the same tag, and the share price was $18.84.
The application document of Applied Blockchain to the US SEC emphasized that the IPO or the public offering would not be entirely indicative or predetermined of the exact current market value of OTC Pink. Rather the value would be followed through the diligent assessments that would be conducted by themselves and their underwriters.
Along with stating all this, the firm also outlined guidance for valuation for potentially interested parties between $16,54 to $20.54 per share range that would ultimately provide a median of $18.54. From a common understanding, the application could take months to get a proper response from the SEC in usual circumstances.
In April 2020, a firm named distributed ledger technology (DLT) raised a fund of more than $2.5 million during their second round of seed funding led by QBN capital, a Hong-Kong based venture capital firm. Before this, the firm had its first seed funding of approximately $1.5 million in early January 2018, led by Calibrate Management and Shell Trading International, a well-known energy giant.
A more recent one was in mid-February 2022 when Applied Blockchain became the receiver of a sum of money that was granted from the Algorand Foundation. Although the amount was undisclosed, the reason has been the research and development of an Algorand and Ethereum reciprocal flow bridge named London Bridge. However, the platform is hopeful that the liquidity and interoperability of these two networks would be placed on security, cost, and user experience with an inherent focus.
Source: https://www.thecoinrepublic.com/2022/04/09/a-60-million-ipo-filed-in-the-us-sec-by-applied-blockchain-inc/