The deal team of Jon Talcott, Mike Bradshaw, Peter Strand, Gary Brown and Kaylen Loflin, with assistance from Wells Hall and Drew Hermiller, represented the underwriters, led by B. Riley Securities and Needham & Company as joint book-running managers, in a $40 million initial public offering (IPO) for Applied Blockchain, Inc., a builder and operator of next-generation datacenters across North America, which provide substantial computing power to blockchain infrastructure and support Bitcoin mining.

The offering consisted of 8,000,000 shares of Applied’s 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.”

Last year, Nelson Mullins represented B. Riley Securities as placement agent in the $16.5 million private placement of Series C Convertible Redeemable Preferred Stock and $34.5 million private placement of Series D Convertible Redeemable Preferred Stock of Applied. In connection with the IPO, the Series C and Series D Preferred Stock automatically converted into common stock.