Application Pool stops upon launching the browser

After installing all the hotfixes for Password Manager 5.8 and rebooting the server, I encounter HTTP error 503 when browsing PMAdmin or PMUser. I notice the Application Pool stops upon launching the browser

I got the error below on events log. I check and the service account for IIS have full permission to the registry key and is also a administrator on the server.

Error : Application pool PMAdmin has been disabled. Windows Process Activation Service (WAS) encountered a failure when it started a worker process to serve the application pool.

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