Applied Digital issues $53.2 million in convertible preferred stock for growth initiatives.

From GlobeNewswire: 2024-08-30 16:05:00

Applied Digital Corporation (Nasdaq: APLD) announced a private financing agreement, issuing $53.2 million in convertible preferred stock to an investor for a net of $50 million. The stock has a stated value of $1,000 per share and will bear interest at eight percent. Upon shareholder approval, the stock can convert to common stock at $7.00 per share. The Company plans to use the funds for growth initiatives. Northland Capital Markets acted as the placement agent, and Lowenstein Sandler LLP was legal counsel. The securities have not been registered under the Securities Act of 1933. Applied Digital specializes in next-gen data centers for high-performance computing.



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