Applied Science Products, Inc. (OTCPK: APLD) closed at $0.635 and experienced a 215.92% increase on Friday. A total of 2.07M shares of Applied Science stock were traded compared to its average monthly volume of 81.92K shares. Following the news of entering the digital currency mining market, APLD stock skyrocketed.
What were the digital efforts?
With strategic partnerships with two of the world’s largest and most experienced Ethereum companies, Applied Blockchain seeks to rapidly scale a large Etherium/Altcoin mining operation through scalability. Last week, Applied Blockchain announced a move into the Ethereum and altcoin mining market.
- A strategic partnership with SparkPool and General Mining Research gave APLD access to the industry.
- APLD gained approximately $16.5 million in proceeds before fees and expenses from an oversubscribed private investment.
- APLD has entered into a strategic partnership with SparkPool and GMR, wherein the two companies will each take a 9.9% ownership stake in APLD.
- A three-year service agreement has also been signed between the parties where SparkPool and GMR will provide all functions that are needed in order to scale a larger Ethereum and Altcoin mining operation.
- The agreement includes access to hardware, mining optimization through proprietary software, and asset management.
How the agreement progress?
Applied Science (APLD) will be able to leverage the scale and efficiency of SparkPool and GMR by receiving the services at SparkPool and GMR’s cost. A major feature of the agreement is that it will also give APLD priority access to mining equipment at attractive prices. Upon the expiration of the initial three-year term, recurrences of one year are included.