Applied Blockchain Inc (APLD)

[KingsKnight]

Good Follow On Volume..

Been a strong volume presence over the last few days, that was an initial concern. But seems the interest is there & the momentum is certainly moving in the right direction. $8.9M Market Cap still..


If I'm reading this right "The company has closed on a $16.5 million equity investment lead by institutional and accredited investors. The company sold 660,000 shares of convertible preferred stock that convert into 132,000,000 shares of common stock upon registration. This represents approximately 31.2% ownership of The Company. The Company expects to use the proceeds from the offering to procure GPU mining hardware and for general corporate purposes."

At the point when they register this transaction, the amount of outstanding common will increase from 9.1M to 141M common shares O/S. Moving the market cap from it's current $8.9M to ~$141M at the current $1 Price. As a comparison, RIOT has a 3.4B Market Cap on 84M shares O/S. At $10, APLD would be at a $1.4B McaP,,let's see how it goes..I am curious as to if 132M shares equates to 31% ownership, who owns the other 69% portion? and how much is represented by "current" common holders...GLTA