Applied Blockchain (APLD) stock tumbled 10% Thursday, a little over a week after the company uplisted its shares to Nasdaq and raised $40M through an initial public offering.

Shares opened at $4.61, sliding to $4.15 by early afternoon. The stock recently changed hands at $4.24, down 10%, at approximately 2:55 p.m. ET.

APLD shares were uplisted on April 13 following a reverse stock split. The company offered 8M shares priced at $5 per share, raising around $40M.

Based in Texas, APLD provides datacenter hosting for bitcoin and other blockchain networks.

APLD’s IPO was downsized from around $60M. In an earlier filing, the company said it planned to offer 8.6M shares priced between $6 and $8 per share.

Source : https://seekingalpha.com/news/3825473-applied-blockchain-stock-slides-in-wake-40m-ipo-nasdaq-uplisting