Applied Blockchain shares dive 52% amid market sell-off, crypto declines

Applied Blockchain (APLD) shares nosedived 52% on Monday, hitting a 52-week low, amid a sell-off in the broader market and continued weakness in cryptocurrencies. Shares of Applied Blockchain (APLD) opened at $2.15, sliding to a 52-week low of $1.20 in early trading. The stock recently changed hands at $1.33, down 52%, at approximately 10:45 a.m. ET. Last Wednesday, Applied Blockchain (APLD) announced that it was cancelling 5M common shares, or around 5% of its outstanding stock, that had been given to China-based Ethereum mining pool company Xsquared, also known as SparkPool, as compensation for certain services. SparkPool was unable to satisfy the contract due to a crackdown on cryptocurrency operations in China. Applied Blockchain (APLD) added that since the SparkPool agreement, it has transitioned from Ethereum mining towards building and operating datacenters. Based in Texas, Applied Blockchain (APLD) uplisted its shares to Nasdaq and held a $40M initial public offering