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Investing

Applied Digital Set for VeriChip IPO Spin-Off

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By Douglas A. McIntyre Updated Published
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Stock Tickers: ADSX, CHIP, DOC

Applied Digital (ADSX-NASDAQ) is getting ready for the launch of its VeriChip (CHIP-NASDAQ) IPO tomorrow.   If there have ben any delays to this one it hasn’t made the rounds yet.  We have covered this one several times, but the terms will be 4.3 million shares between $6.50 and $8.50 per share from underwriters Merriman Curhan Ford, C.E. Unterberg Towbin, and Kaufman Bros. 

This is a cult stock situation and for those that have forgotten VeriChip is essentially wearable and implantable RFID for humans (and animals).  It also has corporate applications but the main cult status is from the implantable RFID chip for humans.  The terms were set back on January 22, and this is set to price for tomorrow.  There is a much deeper backgrounder on this one if you are interested.

As a reminder, Digital Angel (DOC-AMEX) is also considered a backdoor play on this IPO.  This situation has been in the works as long as modern memory can recall.  If you want to do a search on how far back this goes, do a web search on "Destron Fearing."

Jon C. Ogg
February 7, 2007

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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