DALLAS, Aug.30, 2024 (GLOBE NEWSWIRE) -- Applied Digital Corporation (Nasdaq: APLD) ("Applied Digital” or the "Company”), a designer, builder, and operator of next-generation digital infrastructure designed for High-Performance Computing ("HPC”) applications, today announced it has entered into a private financing arrangement with a single investor (the "Investor”), pursuant to which the Company has issued $53.2 million in convertible preferred stock for net proceeds of $50 million.
Other examples of forward-looking statements may include, but are not limited to, (i) statements of Company plans and objectives, including advancement in our construction phase of the HPC data center in Ellendale, North Dakota, our evolving business model and a shift in our business strategy towards our HPC data centers, or estimates or predictions of actions by suppliers, (ii) statements of future economic performance, and (iii) statements of assumptions underlying other statements and statements about the Company or its business.
"We believe this additional capital will help us to accelerate our expansion plans and keep our current Ellendale HPC buildout on track as we finalize our long-term, hyperscaler lease, further solidifying our position as a leading owner and operator of purpose-built data centers to help drive the AI revolution.” The convertible preferred stock has a stated value of $1,000 per share and bears interest at eight percent, payable in PIK or cash.
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