DALLAS, June 08, 2022 (GLOBE NEWSWIRE) -- Applied Blockchain, Inc. (Nasdaq: APLD) ("Applied Blockchain" or the "Company") today provided an update on the status of shares owned by Xsquared Holding Limited (“SparkPool”).
On March 19, 2021, Applied Blockchain entered a Services Agreement by and among the Company, GMR Limited, SparkPool and Valuefinder, which stipulates that SparkPool provide certain services to Applied Blockchain and that the Company compensate SparkPool with 7,440,148 shares of Applied Blockchain common stock (after giving effect to the one-for-six reverse stock split effected on April 12, 2022). The crackdown on cryptocurrency operations in China prompted SparkPool to cease their operations and services to the Company during the remainder of the term of the Agreement, and accordingly SparkPool has forfeited and returned to the Company for cancellation 4,965,432 shares of Applied Blockchain common stock.
“Since our initial agreement with SparkPool and others in March...
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