Applied Blockchain (NASDAQ:APLD -3.6%) entered a services agreement by and among the company, GMR Limited, SparkPool and Valuefinder, which stipulates that SparkPool provide certain services due to which the company compensate SparkPool with ~7.44M shares.
This is 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 for cancellation ~4.97 shares.
“Since our initial agreement with SparkPool and others in March 2021, we have fully transitioned our business away from Ethereum mining to building and operating next-generation datacenters. We are pleased to have reached this favorable resolution for our shareholders, reducing our outstanding shares by approximately 5%. It is important to note that this development has no impact on...
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