Applied Blockchain stock slides following $40M IPO, uplisting, reverse stock split

Applied Blockchain (OTCPK:APLD) stock slid 8% midday Wednesday following its uplisting to Nasdaq, a reverse stock split, and a downsized $40M initial public offering. Shares of the company, which provides datacenter hosting for bitcoin and other blockchain networks, recently changed hands at $4.60, down 8%, at approximately 11:25 a.m. ET after opening at $4.70. The company conducted a 1-for-6 reverse stock split ahead of the uplisting. APLD offered 8M shares at $5 per share, raising approximately $40M. Underwriters were granted a 30-day option to buy up to 1.2M additional shares at the public price. The company expects to receive net proceeds of $41.6M if the option is exercised in full or $36M if it is not exercised. APLD plans to use the proceeds in part to build additional datacenters and enter into more energy agreements. On Tuesday, the company said said in a filing it planned to offer 8.6M shares at between $6