Applied Digital Corporation has announced a private financing arrangement with institutional investors, granting the company the option to sell up to $150 million of newly created convertible preferred stock. This facility, which has a 36-month term, allows Applied Digital to draw funds in $25 million increments at its discretion, with no obligation to utilize the full amount. The financing will support the development of the Ellendale High Performance Computing $(HPC.AU)$ Campus. Northland Capital Markets served as the sole placement agent, while Lowenstein Sandler LLP and Ellenoff Grossman & Schole provided legal counsel for the parties involved.
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